Government Pension Fund – Global Holding of equities at 31 December 2006

Europe Market value (NOK 1000) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Ownership stake (per cent) Voting (per cent)

Austria Arkema 97 380 0,504 0,000 Bank Austria Creditanstalt AG 432 786 0,287 0,299 Assurances Generales de 531 898 0,287 0,287 Erste Bank der Oesterreichischen Sparkassen AG 753 121 0,510 0,511 Atos Origin SA 115 379 0,454 0,454 EVN AG 118 795 0,398 0,398 AXA SA 3 970 336 0,754 0,754 Immoeast AG 115 104 0,237 0,237 BioMerieux 2 629 0,016 0,016 IMMOFINANZ Immobilien Anlagen AG 189 286 0,477 0,477 BNP Paribas 6 906 137 1,094 1,094 OMV AG 293 810 0,280 0,280 Bourbon SA 72 962 0,426 0,426 Raiffeisen International Bank Holding AG 200 186 0,148 0,148 Bouygues 764 491 0,573 0,573 Semperit AG Holding 41 558 0,843 0,843 Cap Gemini SA 241 633 0,430 0,430 Telekom Austria AG 351 768 0,422 0,422 Carrefour SA 1 706 474 0,642 0,642 Verbund - Oesterreichische Elektrizitaetswirtschafts AG 105 507 0,103 0,211 Casino Guichard Perrachon SA 42 173 0,067 0,075 Voestalpine AG 224 096 0,403 0,403 Christian Dior SA 975 952 0,810 0,810 Wiener Staedtische Versicherung AG 65 074 0,142 0,142 Cie de Saint-Gobain 1 050 696 0,573 0,573 Wienerberger AG 138 768 0,506 0,506 Cie Generale dOptique Essilor International SA 515 056 0,744 0,744 Ciments Francais SA 68 818 0,150 0,150 Belgium CNP Assurances 350 643 0,364 0,364 Ackermans & Van Haaren 158 383 0,914 0,914 Compagnie Generale de Geophysique SA 119 985 0,508 0,508 AGFA-Gevaert NV 142 784 0,697 0,697 Compagnie Generale des Etablissements Michelin 279 867 0,328 0,328 Almancora Comm Va 358 218 0,722 0,722 Credit Agricole SA 569 210 0,145 0,145 Banque Nationale de Belgique 10 109 0,086 0,086 Dassault Systemes SA 88 510 0,233 0,233 Belgacom SA 311 210 0,314 0,314 Eiffage SA 204 954 0,372 0,372 Colruyt SA 93 640 0,199 0,199 Electricite de France 1 019 763 0,123 0,123 Deceuninck NV 16 966 0,428 0,428 Etam Developpement SA 96 600 1,497 1,497 Delhaize Group 254 679 0,509 0,509 Euler Hermes SA 84 814 0,210 0,210 Dexia 697 916 0,357 0,227 Eurazeo 112 879 0,246 0,246 Elia System Operator SA/NV 1 655 0,014 0,014 Euronext NV 413 072 0,499 0,499 Fluxys 61 108 0,385 0,385 Eutelsat Communications 55 334 0,216 0,216 Fortis 835 314 0,242 0,242 France Telecom SA 1 553 914 0,347 0,347 Groupe Bruxelles Lambert SA 783 848 0,712 0,714 GameLoft 25 961 0,993 0,993 InBev NV 577 738 0,231 0,231 Gaz de France SA 521 888 0,185 0,185 KBC Groep NV 855 520 0,309 0,309 Gecina SA 85 381 0,115 0,115 Mobistar SA 50 407 0,150 0,150 Groupe Danone 1 216 073 0,495 0,495 Nationale A Portefeuille 71 708 0,158 0,158 Groupe Partouche 3 713 0,055 0,055 RTL Group SA 43 224 0,040 0,040 Hermes International 309 655 0,373 0,373 Sofina SA 37 480 0,151 0,151 Icade 200 044 0,544 0,000 Solvay SA 177 974 0,220 0,220 Iliad SA 103 766 0,355 0,355 UCB SA 480 923 0,621 0,625 Imerys SA 51 122 0,145 0,145 Umicore 172 368 0,626 0,577 Ipsen 76 562 0,315 0,315 IPSOS 61 730 0,809 0,809 Cyprus JC Decaux SA 179 948 0,456 0,456 Bank of Cyprus Public Co Ltd 35 532 0,076 0,076 Kaufman & Broad SA 26 409 0,305 0,305 Klepierre 132 180 0,244 0,244 Czech Republic Lafarge SA 722 036 0,443 0,443 CEZ 224 875 0,133 0,133 Lagardere SCA 288 817 0,405 0,405 Komercni Banka AS 449 717 1,280 1,280 Legrand SA 97 251 0,198 0,000 Philip Morris CR 22 634 0,255 0,255 LISI 85 455 1,703 1,703 LOreal SA 681 923 0,171 0,171 Denmark LVMH Moet Hennessy Louis Vuitton SA 806 769 0,251 0,251 AP Moller - Maersk A/S 587 117 0,233 0,239 M6-Metropole Television 22 217 0,076 0,076 Carlsberg A/S 34 348 0,075 0,015 Mittal Steel Co NV 1 347 271 0,369 0,549 Coloplast A/S 68 593 0,254 0,274 Natixis 273 546 0,129 0,129 Danisco A/S 118 213 0,448 0,448 Neuf Cegetel 4 859 0,011 0,000 Danske Bank A/S 1 336 905 0,758 0,758 Nexans SA 10 353 0,052 0,052 H Lundbeck A/S 96 602 0,266 0,266 PagesJaunes Groupe SA 62 550 0,181 0,181 Jyske Bank 188 757 0,689 0,689 Pernod-Ricard SA 935 055 0,720 0,720 Novo-Nordisk A/S 601 010 0,344 0,410 Peugeot SA 598 811 0,619 0,619 Novozymes A/S 104 856 0,301 0,361 PPR 389 685 0,327 0,327 Royal UNIBREW A/S 23 738 0,457 0,457 Publicis Groupe 376 542 0,723 0,722 Vestas Wind Systems A/S 310 942 0,638 0,638 Rallye SA 67 185 0,509 0,509 William Demant Holding 47 181 0,148 0,148 Renault SA 706 697 0,332 0,332 Rhodia SA 31 646 0,121 0,121 Finland Sanofi-Aventis 3 273 827 0,420 0,338 Citycon Oyj 235 981 3,404 3,404 Schneider Electric SA 958 887 0,613 0,613 Cramo OYJ 5 664 0,121 0,121 SES Global SA 272 052 0,447 0,692 Elisa OYJ 70 191 0,248 0,248 Societe BIC SA 65 927 0,308 0,308 Fortum Oyj 474 470 0,302 0,302 Societe Des Autoroutes Paris-Rhin-Rhone 47 560 0,085 0,085 KCI Konecranes Oyj 220 012 2,010 2,010 Societe des Bains de Mer et du Cercle des Etrangers Kone OYJ 95 751 0,210 0,091 a Monaco 135 894 1,814 2,721 Metso Oyj 224 251 0,504 0,504 Societe Generale 4 013 511 0,825 0,825 M-real OYJ 332 320 2,574 2,896 Societe Television Francaise 1 97 043 0,196 0,196 Neste Oil OYJ 234 912 0,485 0,485 Sodexho Alliance SA 228 654 0,368 0,368 Nokia OYJ 2 900 769 0,557 0,517 Soitec 248 890 1,469 1,469 Outokumpu OYJ 24 665 0,056 0,056 STMicroelectronics NV 445 288 0,424 0,424 Outokumpu Technology 101 854 1,301 1,301 Suez SA 2 478 255 0,602 0,618 Ramirent Oyj 91 110 0,916 0,916 Technip SA 483 792 1,018 0,927 Sampo Oyj 311 162 0,329 0,330 Thomson 187 031 0,562 0,562 Sanoma-WSOY Oyj 37 022 0,128 0,128 Total SA 6 713 578 0,617 0,617 Stora Enso Oyj 519 579 0,664 0,110 UBISOFT Entertainment 98 252 1,101 1,101 Tietoenator Oyj 68 342 0,424 0,463 Unibail 334 754 0,480 0,480 UPM-Kymmene Oyj 432 887 0,527 0,527 Valeo SA 85 535 0,426 0,426 Vallourec 361 916 0,377 0,377 France Veolia Environnement 1 317 442 0,669 0,669 Accor SA 918 118 0,898 0,898 Vinci SA 1 094 147 0,585 0,585 ADP 140 923 0,294 0,000 Vivendi 1 247 395 0,444 0,444 Air France-KLM 161 864 0,229 0,229 Wendel Investissement 233 959 0,462 0,462 Air Liquide 922 146 0,516 0,516 Alcatel-Lucent 994 829 0,481 0,293 Germany Alstom 1 010 555 0,867 0,867 Adidas AG 315 702 0,501 0,501 April Group 93 604 0,772 0,772 ADVA AG Optical Networking 10 285 0,332 0,332 Areva SA 222 539 0,136 0,000 Allianz SE 4 378 530 0,797 0,797

N o rg es Ba n k In v est men t M a na g emen t A n n u a l R e por t 2006  Government Pension Fund – Global Holding of equities at 31 December 2006 Government Pension Fund – Global Holding of equities at 31 December 2006

Europe Market value (NOK 1000) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Ownership stake (per cent) Voting (per cent)

Altana AG 106 783 0,197 0,197 Hungary AWD Holding AG 102 029 1,004 1,004 Tiszai Vegyi Kombinat NyRt 2 0,000 0,000 BASF AG 1 749 348 0,575 0,575 Zwack Unicum Rt. 17 621 2,250 2,250 Bayer AG 1 459 544 0,572 0,572 Bayerische Hypo-und Vereinsbank AG 999 786 0,491 0,501 Ireland Bayerische Motoren Werke AG 549 554 0,234 0,256 Allied Irish Banks PLC 872 529 0,537 0,537 Beiersdorf AG 247 472 0,244 0,244 Anglo Irish Bank Corp PLC 517 209 0,559 0,559 Bilfinger Berger AG 61 573 0,362 0,362 Bank of 827 016 0,590 0,590 Celesio AG 218 710 0,385 0,385 CRH PLC 695 411 0,469 0,496 Commerzbank AG 774 067 0,497 0,497 DCC PLC 57 937 0,339 0,341 Continental AG 760 145 0,717 0,717 EcoSecurities Group PLC 13 523 0,536 0,536 DaimlerChrysler AG 1 824 720 0,464 0,464 Elan Corp PLC 202 896 0,535 0,517 Demag Cranes AG 88 672 1,275 1,275 Irish Life & Permanent PLC 225 563 0,477 0,479 Depfa Bank PLC 185 766 0,473 0,473 Kerry Group PLC 100 183 0,344 0,344 Deutsche Bank AG 2 636 854 0,608 0,608 Ryanair Holdings PLC 290 997 0,440 0,440 Deutsche Boerse AG 779 205 0,667 0,667 Deutsche Lufthansa AG 126 778 0,162 0,162 Isle of Man Deutsche Post AG 894 902 0,398 0,398 Hirco PLC 120 518 3,108 3,108 Deutsche Postbank AG 248 095 0,288 0,288 Ishaan Real Estate PLC 4 930 0,186 0,186 Deutsche Telekom AG 1 969 629 0,394 0,394 E.ON AG 3 857 606 0,660 0,660 Italy EnBW Energie Baden-Wuerttemberg AG 35 383 0,034 0,034 ACEA SpA 226 831 0,890 0,893 Escada AG 13 206 0,320 0,320 AEM SpA 79 520 0,212 0,212 Fraport AG Frankfurt Airport Services Worldwide 135 913 0,335 0,335 Alitalia SpA 51 725 0,434 0,433 Fresenius AG 254 227 0,386 0,149 Alleanza Assicurazioni SpA 182 637 0,260 0,260 Fresenius Medical Care AG & Co KGaA 227 908 0,280 0,283 Arnoldo Mondadori Editore SpA 45 518 0,270 0,270 GFK AG 105 760 1,112 1,112 Assicurazioni Generali SpA 1 925 139 0,552 0,552 Grenkeleasing AG 62 322 1,534 1,534 Autogrill SpA 68 907 0,237 0,237 Hannover Rueckversicherung AG 86 857 0,250 0,250 Autostrada Torino-Milano SpA 37 177 0,301 0,301 HeidelbergCement AG 104 144 0,099 0,099 Autostrade SpA 625 435 0,611 0,611 Heidelberger Druckmaschinen AG 110 164 0,450 0,450 Banca Carige SpA 83 961 0,203 0,236 Henkel KGaA 661 550 0,533 0,450 Banca CR Firenze 44 576 0,155 0,154 Hochtief AG 204 127 0,643 0,643 Banca Generali SpA 67 067 0,764 0,764 Hypo Real Estate Holding AG 407 552 0,776 0,776 Banca Intesa SpA 1 277 985 0,386 0,416 Infineon Technologies AG 329 042 0,502 0,502 Banca Lombarda e Piemontese SpA 502 588 1,005 1,003 IWKA AG 31 791 0,752 0,752 Banca Monte dei Paschi di Siena SpA 236 841 0,194 0,240 K+S AG 121 481 0,436 0,436 Banca Popolare dellEmilia Romagna Scrl 168 709 0,472 0,473 KarstadtQuelle AG 62 990 0,166 0,166 Banca Popolare di Milano SCRL 272 156 0,608 0,607 Lanxess AG 146 677 0,497 0,497 Banca Popolare Italiana Scrl 746 341 1,233 1,232 Linde AG 361 619 0,358 0,358 Banche Popolari Unite SCPA 378 587 0,643 0,643 MAN AG 368 197 0,447 0,465 Banco Popolare di Verona e Novara Scrl 170 976 0,255 0,255 Merck KGaA 39 301 0,032 0,119 Benetton Group SpA 43 079 0,199 0,199 Metro AG 989 081 0,763 0,769 Bulgari SpA 61 251 0,233 0,233 MLP AG 45 059 0,336 0,336 Capitalia SpA 644 358 0,422 0,422 MTU Aero Engines Holding AG 96 600 0,603 0,603 Davide Campari-Milano SpA 33 768 0,188 0,189 Muenchener Rueckversicherungs AG 1 727 803 0,703 0,703 Digital Multimedia Technologies SpA 21 257 0,429 0,429 Porsche AG 336 749 0,243 0,000 Enel SpA 1 503 867 0,380 0,380 Praktiker Bau- und Heimwerkermaerkte AG 168 914 1,310 1,310 ENI SpA 3 580 182 0,427 0,427 Premiere AG 181 975 2,128 2,128 ERG SpA 122 277 0,570 0,570 Puma AG Rudolf Dassler Sport 161 652 0,388 0,388 Fiat SpA 503 833 0,338 0,388 RWE AG 2 117 135 0,554 0,590 Fondiaria-Sai SpA 274 586 0,554 0,360 Salzgitter AG 162 611 0,316 0,316 Gas 15 206 0,446 0,445 SAP AG 2 598 902 0,620 0,620 Gemina SpA 14 774 0,147 0,148 Siemens AG 3 138 167 0,571 0,571 Geox SpA 24 368 0,098 0,098 Stada Arzneimittel AG 34 572 0,180 0,180 Gruppo Editoriale LEspresso SpA 31 264 0,212 0,213 Suedzucker AG 38 206 0,134 0,134 Hera SpA 85 758 0,312 0,312 Symrise AG 46 231 0,244 0,244 IFIL - Investments SpA 128 903 0,236 0,244 ThyssenKrupp AG 366 053 0,243 0,243 Impregilo SpA 82 393 0,594 0,597 TUI AG 186 885 0,600 0,600 Italcementi SpA 136 440 0,320 0,256 Volkswagen AG 879 023 0,353 0,090 Italmobiliare SpA 65 600 0,279 0,000 Wacker Chemie AG 63 028 0,149 0,149 Lottomatica SpA 76 762 0,197 0,197 Wincor Nixdorf AG 102 852 0,643 0,643 Luxottica Group SpA 127 685 0,145 0,145 Mediaset SpA 347 869 0,399 0,399 Greece Mediobanca SpA 277 330 0,232 0,232 Alpha Bank AE 767 152 1,000 1,000 Mediolanum SpA 50 887 0,138 0,138 Babis Vovos International Construction SA 142 974 1,758 1,758 Natuzzi SpA 37 090 1,280 1,280 Coca Cola Hellenic Bottling Co SA 60 610 0,104 0,104 Parmalat SpA 236 624 0,539 0,539 Cosmote Mobile Telecommunications SA 230 489 0,376 0,376 Pirelli & C Real Estate SpA 319 518 1,757 1,757 EFG Eurobank Ergasias SA 260 010 0,301 0,301 Pirelli & C SpA 107 659 0,324 0,332 Emporiki Bank of Greece SA 52 546 0,207 0,207 RCS MediaGroup SpA 74 993 0,317 0,327 Fourlis Holdings SA 119 380 1,777 1,777 Saipem SpA 542 159 0,757 0,758 Greek Postal Savings Bank 131 974 0,639 0,000 SanPaolo IMI SpA 1 301 355 0,480 0,566 Hellenic Petroleum SA 9 567 0,037 0,037 Saras SpA 88 297 0,279 0,280 Hellenic Telecommunications Organization SA 529 114 0,578 0,578 Seat Pagine Gialle SpA 50 421 0,164 0,166 J&P-Avax SA 37 871 1,050 1,050 Snam Rete Gas SpA 3 357 0,005 0,005 Kleeman Hellas SA 28 533 2,611 2,611 Societa Iniziative Autostradali e Servizi SpA 83 320 0,705 0,706 Mytilineos Holdings SA 20 493 0,205 0,205 Sol SpA 37 595 1,051 1,047 National Bank of Greece SA 799 814 0,588 0,588 Telecom Italia SpA 1 994 105 0,575 0,539 Navios Maritime Holdings Inc 8 600 0,414 0,000 Terna Rete Elettrica Nazionale SpA 68 441 0,162 0,162 OPAP SA 222 204 0,290 0,290 UniCredito Italiano SpA 2 871 711 0,505 0,506 Piraeus Bank SA 429 103 0,797 0,797 Unipol SpA 132 072 0,260 0,270 Public Power Corp 39 999 0,109 0,109 Titan Cement Co SA 37 099 0,132 0,143 Luxembourg Colt Telecom Group SA 50 016 0,450 0,450 Guernsey GAGFAH SA 31 567 0,071 0,000 Assura Group Ld 24 252 0,398 0,000 ProLogis European Properties 57 371 0,247 0,000 Puma Brandenburg Ltd 22 889 0,934 0,934 Tenaris SA 6 636 0,004 0,000

 Government Pension Fund – Global Holding of equities at 31 December 2006

Europe Ownership stake (per cent) Voting (per cent) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Market value (NOK 1000)

Netherlands Promotora de Informaciones SA 43 892 0,185 0,185 ABN AMRO Holding NV 2 466 614 0,646 0,646 Red Electrica de Espana 174 470 0,484 0,484 Aegon NV 934 734 0,486 0,486 Repsol YPF SA 284 408 0,108 0,108 AerCap Holdings NV 136 591 1,113 1,113 Sacyr Vallehermoso SA 212 648 0,202 0,202 Akzo Nobel NV 843 186 0,775 0,775 Sogecable SA 49 622 0,162 0,163 ASML Holding NV 711 590 0,948 0,951 Telefonica SA 3 036 075 0,466 0,466 Brunel International 15 669 0,324 0,324 Union Fenosa SA 147 136 0,157 0,157 Core Laboratories NV 48 836 0,386 0,386 Zardoya Otis SA 98 853 0,200 0,200 Corio NV 164 090 0,480 0,480 Eurocommercial Properties NV 167 951 1,534 1,534 Sweden Fortis 762 635 0,221 0,221 Alfa Laval AB 467 673 1,490 1,490 Fugro NV 402 371 1,967 1,967 Assa Abloy AB 216 965 0,437 0,462 Grolsch NV 23 203 0,532 0,532 Atlas Copco AB 1 021 119 0,785 0,902 Hagemeyer NV 171 518 1,054 1,054 Bergman & Beving AB 102 717 2,084 2,168 Heineken Holding NV 342 509 0,553 0,553 Boliden AB 192 348 0,415 0,415 Heineken NV 202 312 0,140 0,140 Cardo AB 28 388 0,400 0,400 ING Groep NV 3 740 821 0,620 0,615 Electrolux AB 164 720 0,427 0,441 Koninklijke Ahold NV 520 020 0,505 0,505 Eniro AB 51 054 0,340 0,340 Koninklijke DSM NV 357 123 0,575 0,575 Hennes & Mauritz AB 812 110 0,312 0,353 Koninklijke Philips Electronics NV 1 558 621 0,541 0,541 Holmen AB 3 263 0,014 0,019 Koninklijke Wessanen NV 191 591 3,136 3,136 Husqvarna AB 128 686 0,445 0,461 Macintosh Retail Group NV 21 983 0,472 0,472 Industrivarden AB 226 896 0,484 0,488 Mittal Steel Co NV 509 240 0,139 0,115 Investor AB 1 113 548 0,954 0,588 OCE NV 15 259 0,172 0,172 Modern Times Group AB 75 748 0,282 0,363 Ordina NV 57 671 1,078 1,078 Nordea Bank AB 1 499 017 0,571 0,577 Randstad Holdings NV 161 299 0,324 0,324 OMX AB 6 306 0,046 0,046 Reed Elsevier NV 710 280 0,896 0,896 Sandvik AB 509 127 0,474 0,474 Rodamco Europe NV 175 055 0,236 0,236 Scania AB 597 388 0,676 0,228 Royal KPN NV 1 338 697 0,744 0,744 Securitas AB 169 374 0,480 0,504 Royal Numico NV 443 248 0,695 0,695 Securitas Direct AB 42 389 0,588 0,617 SBM Offshore NV 405 504 1,350 1,350 Securitas Systems AB 44 373 0,482 0,506 Schuitema NV 30 337 0,435 0,449 Skandinaviska Enskilda Banken AB 1 327 871 0,978 1,012 SNS Reaal 61 452 0,194 0,000 Skanska AB 239 306 0,465 0,492 Stork NV 79 039 0,733 0,733 SKF AB 208 119 0,397 0,201 Tele Atlas NV 114 674 0,973 0,977 Ssab Svenskt Staal AB 105 436 0,279 0,239 Telegraaf Media Groep NV 52 152 0,610 0,610 Svenska Cellulosa AB 360 461 0,470 0,561 TNT NV 1 016 376 0,827 0,827 Svenska Handelsbanken AB 1 057 639 0,865 0,882 TomTom NV 44 514 0,150 0,150 Swedbank AB 396 167 0,340 0,340 Unilever NV 1 767 123 0,606 0,000 Swedish Match AB 336 599 0,961 1,032 USG People NV 131 737 0,768 0,768 Tele2 AB 180 965 0,448 0,501 Van Lanschot NV 32 513 0,157 0,342 Telefonaktiebolaget LM Ericsson 2 490 801 0,614 0,290 Wegener NV 12 633 0,314 0,314 TeliaSonera AB 239 331 0,099 0,100 Wolters Kluwer NV 261 304 0,473 0,473 Volvo AB 744 782 0,404 0,411 WM-data AB 26 960 0,293 0,293 Portugal Banco BPI SA 128 318 0,348 0,348 Switzerland Banco Comercial Portugues SA 288 846 0,348 0,348 ABB Ltd 1 268 877 0,522 0,522 Banco Espirito Santo SA 67 101 0,120 0,120 Actelion Ltd 30 593 0,098 0,098 Brisa-Auto Estradas de Portugal SA 132 302 0,285 0,317 Adecco SA 253 124 0,318 0,318 Cimpor Cimentos de Portugal SGPS SA 51 647 0,149 0,149 Arpida Ltd 57 092 2,294 2,294 Energias de Portugal SA 251 416 0,218 0,218 Baloise Holding AG 308 286 0,897 0,897 Portugal Telecom SGPS SA 524 777 0,575 0,575 Bank Sarasin & Compagnie AG 44 115 0,368 0,448 PT Multimedia Servicos de Telecomunicacoes e Basilea Pharmaceutica 1 629 0,019 0,019 Multimedia SGPS SA 32 651 0,132 0,132 BKW FMB Energie AG 39 067 0,101 0,101 Sonae SGPS SA 155 740 0,628 0,628 Burckhardt Compression Holding AG 4 763 0,139 0,000 Charles Voegele Holding AG 29 716 0,682 0,682 Russian Federation Ciba Specialty Chemicals AG 126 629 0,444 0,444 Mechel 99 170 0,450 0,000 Clariant AG 109 068 0,509 0,509 Sberbank RF 283 619 0,067 0,000 Compagnie Financiere Richemont AG 991 417 0,477 0,524 Credit Suisse Group 3 046 476 0,577 0,577 Spain Cytos Biotechnology AG 5 805 0,195 0,195 Abertis Infraestructuras SA 159 098 0,142 0,151 Edipresse SA 41 619 1,215 1,652 Acciona SA 201 775 0,274 0,274 EFG International 191 924 0,558 0,558 Acerinox SA 1 213 0,002 0,002 Galenica AG 112 045 0,990 0,990 ACS Actividades Cons y Serv 664 515 0,537 0,537 Geberit AG 198 257 0,498 0,498 Altadis SA 509 640 0,611 0,539 Givaudan 209 842 0,504 0,504 Antena 3 de Television SA 44 986 0,143 0,143 Holcim Ltd 629 679 0,437 0,437 Banco Bilbao Vizcaya Argentaria SA 1 682 099 0,316 0,316 Julius Baer Holding AG 573 094 0,750 0,750 Banco Espanol de Credito SA 51 137 0,054 0,054 Kuehne & Nagel International AG 153 449 0,283 0,283 Banco Popular Espanol SA 820 919 0,599 0,599 Lindt & Spruengli AG 166 085 0,483 0,000 Banco Sabadell SA 406 922 0,478 0,478 Logitech International SA 48 301 0,141 0,141 Banco Santander Central Hispano SA 4 760 740 0,656 0,656 Lonza Group AG 130 534 0,482 0,482 Bankinter SA 133 995 0,348 0,348 Medisize Holding AG 29 635 1,496 1,496 Cia Espanola de Petroleos 50 674 0,039 0,039 Nestle SA 5 144 957 0,581 0,581 Cintra Concesiones de Infraestructuras de Transporte SA 90 217 0,168 0,168 Nobel Biocare Holding AG 175 360 0,363 0,364 Corp Financiera Alba 74 633 0,247 0,247 Novartis AG 6 053 990 0,619 0,619 Corp Mapfre SA 77 841 0,232 0,232 Pargesa Holding SA 259 525 0,432 0,475 Enagas 469 994 1,361 1,361 Partners Group 35 705 0,178 0,000 Endesa SA 1 623 825 0,521 0,521 Petroplus Holdings AG 49 432 0,215 0,000 Fomento de Construcciones y Contratas SA 211 493 0,256 0,256 Quadrant AG 35 195 1,122 1,122 Gamesa Corp Tecnologica SA 147 358 0,354 0,354 Roche Holding AG 4 947 597 0,502 0,375 Gas Natural SDG SA (2 203) -0,002 0,000 Romande Energie Holding SA 10 303 0,106 0,106 Gestevision Telecinco SA (16 187) -0,037 0,000 Schindler Holding AG 163 679 0,337 0,241 Grifols SA 32 005 0,181 0,181 Serono SA 110 720 0,130 0,182 Grupo Catalana Occidente SA 64 795 0,240 0,240 SGS SA 258 773 0,478 0,478 Grupo Empresarial Ence SA (33 449) -0,286 0,000 Sika AG 134 240 0,617 0,647 Grupo Ferrovial SA 279 915 0,329 0,329 Straumann Holding AG 43 559 0,185 0,185 Iberdrola SA 1 053 847 0,430 0,430 Sulzer AG 121 138 0,471 0,471 Inditex SA 324 175 0,155 0,155 Swatch Group AG 746 876 0,901 0,784 Metrovacesa SA 55 859 0,052 0,052 Swiss Life Holding 366 525 0,697 0,697

N o rg es Ba n k In v est men t M a na g emen t A n n u a l R e por t 2006  Government Pension Fund – Global Holding of equities at 31 December 2006 Government Pension Fund – Global Holding of equities at 31 December 2006

Europe Ownership stake (per cent) Voting (per cent) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Market value (NOK 1000)

Swiss Reinsurance 923 782 0,467 0,467 Corin Group PLC 9 305 0,639 0,639 Swisscom AG 288 477 0,216 0,216 Corus Group PLC 115 025 0,198 0,198 Syngenta AG 681 984 0,567 0,567 CSR PLC 28 515 0,280 0,280 Synthes Inc 126 037 0,148 0,148 Daily Mail & General Trust 180 032 0,515 0,000 UBS AG 5 447 715 0,685 0,685 Dairy Crest Group PLC 46 785 0,458 0,458 Valora Holding AG 34 149 0,606 0,606 De La Rue PLC 33 111 0,253 0,253 Zurich AG 1 570 986 0,649 0,649 Detica Group PLC 86 383 1,728 1,728 Diageo PLC 1 617 271 0,480 0,480 Turkey Domestic & General Group 19 786 0,360 0,360 Coca-Cola Icecek AS 44 117 0,376 0,000 Drax Group PLC 382 695 1,043 1,043 Dogan Yayin Holding 6 051 0,045 0,045 DSG International PLC 159 250 0,372 0,372 Turkiye Garanti Bankasi AS 30 857 0,071 0,071 DTZ Holdings PLC 41 718 0,751 0,751 Turkiye Is Bankasi 42 857 0,054 0,054 easyJet PLC 67 229 0,220 0,220 Turkiye Vakiflar Bankasi Tao 491 075 1,314 1,314 Electrocomponents PLC 60 787 0,391 0,391 Emap PLC 111 897 0,527 0,527 EMI Group PLC 118 763 0,460 0,460 3i Group PLC 211 963 0,372 0,372 Enterprise Inns PLC 590 566 1,221 1,221 Abbot Group PLC 37 821 0,420 0,420 Enterprise PLC 13 258 0,249 0,249 Aberdeen Asset Management PLC 190 818 1,316 1,316 Experian Group Ltd 561 834 0,754 0,754 AEA Technology PLC 11 942 0,846 0,846 Expro International Group 99 839 0,853 0,853 Aegis Group PLC 65 221 0,335 0,335 Fiberweb PLC 15 487 0,499 0,000 Afren PLC 9 734 0,741 0,741 Findel PLC 79 242 1,074 1,074 Aga Foodservice Group PLC 105 596 1,578 1,578 First Holidays PLC 43 293 0,235 0,235 Alba PLC 8 460 0,654 0,654 Foreign & Colonial Investment Trust PLC 102 968 0,319 0,000 Alexon Group PLC 10 318 0,788 0,788 Forth Ports PLC 34 965 0,292 0,292 Alfred McAlpine PLC 86 493 1,215 1,215 French Connection Group PLC 18 507 0,783 0,783 Alliance & Leicester PLC 288 605 0,467 0,467 Friends Provident PLC 212 576 0,376 0,376 Alliance Boots PLC 313 649 0,318 0,318 Gallaher Group PLC 312 970 0,341 0,341 Alliance Trust PLC/The 111 017 0,370 0,000 Game Group PLC 49 401 1,052 1,052 Amec PLC 89 541 0,523 0,523 GCAP Media PLC 24 327 0,594 0,594 Amlin PLC 108 624 0,514 0,514 Genetix Group PLC 4 127 0,843 0,843 Amvescap PLC 274 296 0,461 0,461 George Wimpey PLC 42 073 0,155 0,155 Anglo American PLC 2 866 738 0,631 0,631 GKN PLC 123 224 0,510 0,510 Antofagasta PLC 77 069 0,126 0,126 GlaxoSmithKline PLC 4 726 845 0,501 0,480 ARC International PLC 18 685 3,147 3,147 Global Energy Development PLC 6 842 1,287 1,287 Aricom PLC 17 725 0,517 0,517 Greggs PLC 67 119 1,148 1,148 ARM Holdings PLC 137 365 0,669 0,669 Group 4 Securicor PLC 114 252 0,392 0,392 Arriva PLC 214 645 1,166 1,166 Gulf Keystone Petroleum Ltd 15 775 0,765 0,765 Ashmore Group PLC 67 304 0,301 0,301 Gulfsands Petroleum PLC 10 699 0,925 0,925 ASOS PLC 10 213 1,063 1,063 Halma PLC 102 253 0,984 0,983 Associated British Foods PLC 283 332 0,356 0,356 PLC 165 547 0,302 0,302 AstraZeneca PLC 2 406 936 0,470 0,401 Hamworthy KSE 47 521 1,778 1,778 Atkins WS PLC 84 624 0,814 0,814 Hanson PLC 238 279 0,356 0,356 Augean PLC 206 0,019 0,019 Havelock Europa PLC 11 778 1,750 1,750 Avis Europe PLC 98 345 1,072 1,072 Hays PLC 153 247 0,542 0,542 Aviva PLC 1 657 508 0,650 0,650 HBOS PLC 2 498 897 0,482 0,482 Avocet Mining PLC 9 667 0,670 0,670 Headlam Group PLC 29 977 0,465 0,465 Babcock International Group 122 087 1,193 1,193 Helphire PLC 28 515 0,440 0,440 Balfour Beatty PLC 119 203 0,513 0,513 Herald Investment Trust PLC 21 030 0,512 0,000 Barclays PLC 3 123 674 0,539 0,539 Highland Gold Mining Ltd 14 034 0,448 0,448 BBA Aviation PLC 61 703 0,450 0,450 Home Retail Group 500 606 1,144 1,144 PLC 79 023 0,371 0,371 Homeserve PLC 75 511 0,505 0,505 Benfield Group Ltd 34 459 0,338 0,338 HSBC Holdings PLC 6 680 730 0,506 0,509 PLC 188 250 0,751 0,751 Huveaux PLC 19 277 2,213 2,213 BG Group PLC 1 869 395 0,649 0,641 ICAP PLC 104 264 0,277 0,277 BHP Billiton PLC 1 263 111 0,449 0,449 Imagination Technologies Group PLC 29 315 1,053 1,053 Biffa PLC 51 482 0,394 0,394 Imperial Chemical Industries PLC 334 625 0,510 0,510 Blackstar Investors PLC 2 390 0,236 0,236 Imperial Energy Corp PLC 42 228 1,087 1,087 Bodycote International 43 112 0,482 0,482 Imperial Innovations Group PLC 10 117 0,474 0,474 Bovis Homes Group PLC 221 390 1,396 1,396 Imperial Tobacco Group PLC 799 661 0,482 0,482 BowLeven PLC 11 678 0,727 0,727 Inchcape PLC 49 328 0,166 0,166 BP PLC 8 365 116 0,610 0,610 Informa PLC 116 952 0,380 0,380 Bradford & Bingley PLC 134 452 0,370 0,370 Instore PLC 15 244 3,068 3,068 British Airways PLC 143 153 0,196 0,196 Intercontinental Hotels Group PLC 222 194 0,390 0,390 British American Tobacco PLC 1 380 276 0,381 0,381 Intermediate Capital Group PLC 41 310 0,288 0,288 British Energy Group PLC 130 217 0,345 0,345 International Power PLC 239 931 0,347 0,347 Co PLC 586 468 0,541 0,541 Interserve PLC 40 078 0,663 0,663 British Sky Broadcasting Group PLC 676 368 0,605 0,605 Invensys PLC 20 125 0,075 0,007 BSS Group PLC 39 551 0,627 0,627 Investec PLC 92 252 0,304 0,253 BT Group PLC 1 310 815 0,430 0,430 ITV PLC 206 581 0,409 0,409 Bunzl PLC 160 489 0,617 0,617 J Sainsbury PLC 442 686 0,518 0,243 Burberry Group PLC 266 905 0,763 0,763 James Fisher & Sons PLC 34 400 0,945 0,945 Business Post Group PLC 32 171 1,102 1,102 John Wood Group PLC 245 906 1,495 1,495 Cable & Wireless PLC 444 608 0,955 0,955 Johnson Matthey PLC 221 433 0,585 0,585 Cadbury Schweppes PLC 689 234 0,498 0,498 Johnston Press PLC 46 083 0,335 0,335 Cairn Energy PLC 225 593 0,642 0,642 Kazakhmys PLC 79 254 0,121 0,121 Caliber Global Investment Ltd 8 226 0,653 0,653 Kelda Group PLC 142 944 0,353 0,353 Capita Group PLC 187 677 0,401 0,401 Kesa Electricals PLC 82 154 0,375 0,375 Carillion PLC 108 225 0,796 0,796 Kier Group PLC 66 597 0,702 0,702 Carnival PLC 344 157 0,512 0,512 Kingfisher PLC 372 618 0,544 0,544 Carphone Warehouse Group PLC 105 877 0,310 0,310 Ladbrokes PLC 122 339 0,383 0,383 Centaur Media PLC 27 704 1,104 1,104 Laird Group PLC 40 293 0,404 0,404 Centrica PLC 915 489 0,585 0,585 Land Securities Group PLC 654 684 0,494 0,494 Chemring Group PLC 11 402 0,184 0,184 Legal & General Group PLC 684 381 0,546 0,546 Chrysalis Group PLC 35 266 1,425 1,425 Liberty International PLC 219 495 0,356 0,356 Civica PLC 15 966 0,765 0,765 Liontrust Asset Management PLC 12 471 0,801 0,801 CLS Holdings PLC 22 311 0,318 0,318 Lloyds TSB Group PLC 2 376 121 0,597 0,606 Cobham PLC 127 286 0,481 0,481 LogicaCMG PLC 168 202 0,483 0,483 Collins Stewart PLC 11 220 0,171 0,171 Merchant Securities 48 396 0,397 0,397 Compass Group PLC 391 711 0,539 0,539 Group PLC 7 184 0,021 0,021

 Government Pension Fund – Global Holding of equities at 31 December 2006

Europe Ownership stake (per cent) Voting (per cent) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Market value (NOK 1000)

Lonmin PLC 164 769 0,314 0,312 Taylor Woodrow PLC 60 525 0,196 0,196 Man Group PLC 452 610 0,377 0,324 Templeton Emerging Markets Investment Trust PLC 112 231 0,560 0,000 Management Consulting Group PLC 8 438 0,617 0,617 Tesco PLC 2 458 954 0,624 0,624 Marks & Spencer Group PLC 1 209 187 0,820 0,820 Third Advance Value Realisation Co Ltd 2 147 0,000 0,000 Meggitt PLC 133 088 0,809 0,809 Thorntons PLC 11 052 0,962 0,962 Melrose PLC 60 424 1,074 1,074 Tomkins PLC 66 168 0,258 0,258 Melrose Resources PLC 33 278 0,665 0,665 Travis Perkins PLC 115 230 0,392 0,392 Microgen PLC 5 581 0,827 0,827 Trinity Mirror PLC 56 101 0,335 0,335 Millennium & Copthorne Hotels PLC 108 152 0,498 0,498 Tullett Prebon PLC 28 713 0,171 0,171 Misys PLC 56 528 0,429 0,429 UK Coal PLC 6 580 0,089 0,089 Mitchells & Butlers PLC 255 048 0,726 0,726 Ultra Electronics Holdings 58 451 0,653 0,653 Mouchel Parkman PLC 44 912 0,764 0,764 Unilever PLC 1 075 312 0,472 0,472 MW Tops Ltd 34 704 0,000 0,000 Unite Group PLC 23 588 0,288 0,288 N Brown Group PLC 33 676 0,332 0,332 United Business Media PLC 127 887 0,544 0,530 National Express Group PLC 68 850 0,329 0,329 United Utilities PLC 425 296 0,510 0,510 National Grid PLC 1 491 652 0,611 0,603 UTV PLC 4 007 0,164 0,164 NDS Group PLC 23 031 0,138 0,000 Vedanta Resources PLC 81 038 0,190 0,190 Next Fifteen Communications PLC 3 268 0,655 0,655 Venture Production PLC 53 800 0,403 0,403 Next PLC 108 781 0,216 0,216 Victrex PLC 88 122 1,101 1,101 Northern Rock PLC 224 020 0,371 0,371 Vodafone Group PLC 4 606 870 0,506 0,503 Northgate PLC 64 392 0,616 0,616 Weir Group PLC (The) 59 984 0,451 0,451 Novae Group PLC 11 105 0,353 0,353 Wellington Underwriting PLC 15 375 0,207 0,207 Old Mutual PLC 690 379 0,592 0,597 Wetherspoon (J.D.) PLC 133 896 1,031 1,031 PartyGaming PLC 23 893 0,154 0,154 Whatman PLC 48 439 1,143 1,143 Pearson PLC 348 910 0,461 0,461 Whitbread PLC 225 611 0,504 0,504 Pendragon PLC 26 809 0,335 0,335 William Hill PLC 141 100 0,519 0,519 Pennon Group PLC 44 176 0,178 0,178 Wilson Bowden PLC 55 430 0,218 0,218 213 617 0,384 0,384 Witan Investment Trust PLC 57 600 0,306 0,000 Petrofac Ltd 34 698 0,205 0,205 WM Morrison Supermarkets PLC 740 317 0,892 0,892 Photo-Me International PLC 17 499 0,438 0,438 Wolseley PLC 570 864 0,578 0,578 PLUS Markets Group PLC 5 560 1,858 1,858 Wolverhampton & Dudley Brew PLC 52 712 0,311 0,311 Premier Foods PLC 108 264 0,594 0,594 WPP Group PLC 513 290 0,487 0,487 Premier Oil PLC 84 618 0,684 0,684 Xstrata PLC 1 603 454 0,547 0,547 Provident Financial PLC 160 736 0,736 0,736 Yell Group PLC 481 799 0,895 0,895 Prudential PLC 1 228 260 0,590 0,590 PZ Cussons PLC 32 231 0,374 0,374 QinetiQ PLC 672 0,004 0,004 Quintain Estates & Development PLC 78 586 0,583 0,583 RAB Capital PLC 23 772 0,364 0,364 Rank Group PLC 186 074 1,206 1,206 Rathbone Brothers 53 669 0,870 0,870 Raymarine PLC 91 930 1,938 1,938 Reckitt Benckiser PLC 1 008 249 0,491 0,491 58 433 0,421 0,421 Reed Elsevier PLC 563 722 0,654 0,654 Renishaw PLC 28 339 0,426 0,426 Renovo Group PLC 20 455 0,541 0,541 Rensburg Sheppards PLC 15 159 0,336 0,336 Rentokil Initial PLC 144 027 0,394 0,394 Restaurant Group PLC 143 278 1,950 1,950 Reuters Group PLC 376 472 0,540 0,540 Rexam PLC 112 253 0,301 0,301 RHM PLC 95 735 0,596 0,596 Rio Tinto PLC 2 220 459 0,645 0,649 RM PLC 17 517 0,816 0,816 Rolls-Royce Group PLC 1 044 821 1,080 1,073 Rotork PLC 50 876 0,579 0,579 Royal & Sun Alliance Insurance Group 205 849 0,377 0,377 Royal Bank of Scotland Group PLC 4 104 771 0,532 0,532 Royal Dutch Shell PLC 8 221 094 0,579 0,579 Royalblue Group PLC 17 367 0,418 0,418 SABMiller PLC 726 444 0,338 0,338 Sage Group PLC 484 780 1,134 1,134 Schroders PLC 102 342 0,260 0,222 Scottish & Newcastle PLC 215 668 0,337 0,337 Scottish & Southern Energy PLC 1 148 462 0,705 0,705 Scottish Mortgage Investment Trust PLC 66 934 0,363 0,000 Scottish Power PLC 707 873 0,522 0,522 Serica Energy PLC 11 335 0,562 0,562 Severn Trent PLC 142 846 0,341 0,341 86 669 0,683 0,683 Shanks Group PLC 63 460 0,971 0,971 Shire PLC 215 053 0,331 0,332 Shore Capital Group PLC 16 985 0,664 0,664 SIG PLC 37 654 0,244 0,244 Signet Group PLC 10 864 0,044 0,044 Slough Estates PLC 165 951 0,370 0,370 SMG PLC 15 009 0,592 0,592 Smith & Nephew PLC 370 428 0,606 0,606 Smiths Group PLC 352 463 0,512 0,512 Songbird Estates PLC 39 395 0,518 0,518 Speedy Hire PLC 44 191 0,654 0,654 Spirax-Sarco Engineering PLC 22 041 0,240 0,240 Sportingbet PLC 18 961 0,859 0,859 ST Modwen Properties PLC 57 030 0,662 0,662 Stagecoach Group PLC 52 799 0,258 0,258 Standard Chartered PLC 1 951 892 0,767 0,776 Stanelco PLC 267 0,066 0,066 Tate & Lyle PLC 157 226 0,343 0,343 Taylor Nelson Sofres PLC 60 167 0,563 0,563

N o rg es Ba n k In v est men t M a na g emen t A n n u a l R e por t 2006  Government Pension Fund – Global Holding of equities at 31 December 2006 Government Pension Fund – Global Holding of equities at 31 December 2006

Americas Ownership stake (per cent) Voting (per cent) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Market value (NOK 1000)

Bermuda Canadian Utilities Ltd 32 542 0,102 0,000 Allied World Assurance Holdings Ltd/ 174 355 1,065 1,065 Canadian Western Bank 47 923 0,548 0,548 Arch Capital Group Ltd 145 359 0,466 0,466 Cardiome Pharma Corp 11 097 0,298 0,298 Assured Guaranty Ltd 83 660 0,691 0,691 Celestica Inc 20 435 0,185 0,213 Catlin Group Ltd 85 515 0,834 0,834 CGI Group Inc 19 490 0,135 0,151 Global Crossing Ltd 9 171 0,164 0,164 CHC Helicopter Corp 28 878 0,508 0,586 Hiscox Ltd 95 533 0,713 0,713 Cinram International Income Fund 132 096 1,823 1,982 Platinum Underwriters Holdings Ltd 342 828 2,984 2,984 Cognos Inc 35 962 0,153 0,153 Security Capital Assurance Ltd 127 066 1,143 1,143 Compton Petroleum Corp 15 325 0,210 0,210 Warner Chilcott Ltd 84 228 0,391 0,391 Cott Corp 31 488 0,492 0,493 Crystallex International Corp 52 159 0,945 0,945 Brazil Descartes Systems Group Inc 2 778 0,261 0,261 Acesita SA 10 049 0,085 0,000 Domtar Inc 163 760 1,342 1,346 AES Tiete SA 22 139 0,128 0,072 Eastern Platinum Ltd 27 863 0,796 0,796 All America Latina Logistica SA 55 277 0,149 0,149 Eldorado Gold Corp 59 390 0,516 0,518 Aracruz Celulose SA 34 793 0,088 0,000 Enbridge Inc 160 740 0,212 0,212 Arcelor Brasil SA 100 962 0,127 0,127 EnCana Corp 631 679 0,269 0,273 Banco Bradesco SA 310 909 0,128 0,010 Ensign Energy Services Inc 5 014 0,034 0,034 Banco do Brasil SA 116 729 0,076 0,076 Entree Gold Inc 25 006 3,656 3,656 Banco Itau Holding Financeira SA 414 638 0,167 0,000 Finning International Inc 35 574 0,156 0,156 Banco Nossa Caixa SA 11 372 0,076 0,076 First National Financial Income Fund 12 295 1,421 1,440 Bradespar SA 48 442 0,189 0,073 Galleon Energy Inc 27 949 0,497 0,501 Brasil Telecom Participacoes SA 229 881 0,886 0,098 George Weston Ltd 48 104 0,092 0,092 Brasil Telecom SA 15 049 0,050 0,000 Gerdau Ameristeel Corp 14 053 0,083 0,083 Braskem SA 20 462 0,122 0,000 Goldcorp Inc 204 328 0,163 0,164 Centrais Eletricas Brasileiras SA 103 607 0,125 0,076 Great-West Lifeco Inc 35 948 0,022 0,022 Cia Brasileira de Distribuicao Grupo Pao de Acucar 35 674 0,142 0,000 Husky Energy Inc 158 039 0,089 0,089 Cia de Bebidas das Americas 171 812 0,092 0,000 IGM Financial Inc 38 969 0,056 0,056 Cia de Concessoes Rodoviarias 49 207 0,145 0,145 Imperial Oil Ltd 188 158 0,085 0,085 Cia de Saneamento Basico do Estado de Sao Paulo 110 272 0,453 0,075 Ivanhoe Mines Ltd/CA 193 983 0,845 0,849 Cia de Transmissao de Energia Eletrica Paulista 8 155 0,062 0,000 Laurentian Bank of 12 673 0,331 0,331 Cia Energetica de Minas Gerais 80 156 0,171 0,051 Loblaw Cos Ltd 7 547 0,011 0,011 Cia Paranaense de Energia 34 967 0,189 0,128 MagIndustries Corp 16 319 1,787 1,787 Cia Siderurgica Nacional SA 65 048 0,127 0,127 Magna International Inc 140 857 0,256 0,258 Cia Vale do Rio Doce 662 229 0,154 0,085 Manulife Financial Corp 584 205 0,179 0,180 Companhia de Saneamento de Minas Gerais 32 874 0,391 0,391 Maple Leaf Foods Inc 20 184 0,241 0,291 Cosan SA Industria e Comercio 20 853 0,085 0,085 MDS Inc 19 828 0,121 0,121 CPFL Energia SA 11 709 0,028 0,028 Molson Coors Canada Inc 6 575 0,070 0,000 EDP - Energias do Brasil SA 15 842 0,100 0,100 National Bank of 81 810 0,143 0,143 Eletropaulo Metropolitana de Sao Paulo SA 20 002 0,162 0,000 Nexen Inc 264 574 0,294 0,294 Empresa Brasileira de Aeronautica SA 104 740 0,220 0,220 Nortel Networks Corp 704 256 0,970 0,975 Gerdau SA 67 114 0,103 0,052 Nova Chemicals Corp 70 954 0,494 0,494 Gol Linhas Aereas Inteligentes SA 22 788 0,063 0,000 Novagold Resources Inc 103 660 1,060 1,060 Guararapes Confeccoes SA 9 921 0,055 0,102 OPTI Canada Inc 34 057 0,186 0,186 Investimentos Itau SA 159 238 0,147 0,000 Orezone Resources Inc 37 928 3,232 3,117 Klabin SA 23 497 0,140 0,000 Pason Systems Inc 8 118 0,146 0,146 Lojas Americanas SA 31 299 0,124 0,000 Patheon Inc 26 758 1,065 1,065 Metalurgica Gerdau SA 26 637 0,114 0,000 Petro- 384 123 0,302 0,302 Natura Cosmeticos SA 81 642 0,217 0,217 Potash Corp of Saskatchewan 618 233 0,664 0,664 NET Servicos de Comunicacao SA 25 062 0,195 0,000 Power Corp Of 113 367 0,133 0,149 Perdigao SA 23 338 0,161 0,161 Power Financial Corp 86 055 0,061 0,061 Petroleo Brasileiro SA 1 257 859 0,187 0,061 Precision Drilling Trust 1 728 0,010 0,010 Profarma Distribuidora de Produtos Farmaceuticos SA 40 041 1,287 1,287 Real Resources Inc 8 231 0,238 0,238 Sadia SA 18 961 0,131 0,000 Research In Motion Ltd 656 088 0,443 0,444 Souza Cruz SA 21 771 0,064 0,064 Rogers Communications Inc 631 092 0,522 0,000 Submarino SA 75 073 0,694 0,694 Rona Inc 13 933 0,108 0,108 Tele Norte Leste Participacoes SA 69 313 0,152 0,099 Royal Bank of 67 504 0,018 0,018 Telecomunicacoes de Sao Paulo SA 22 007 0,028 0,041 Russel Metals Inc 14 314 0,161 0,161 Telemar Norte Leste SA 11 544 0,026 0,000 Saputo Inc 19 302 0,094 0,094 Telemig Celular Participacoes SA 7 983 0,147 0,103 Saskatchewan Wheat Pool 49 542 1,157 1,157 Tim Participacoes SA 163 136 0,261 0,102 Shaw Communications Inc 69 252 0,163 0,172 Tractebel Energia SA 34 613 0,101 0,101 Shell Canada Ltd 122 266 0,064 0,064 Usinas Siderurgicas de Minas Gerais SA 66 532 0,115 0,070 Sherritt International Corp 50 548 0,502 0,502 Vivo Participacoes SA 161 654 0,352 0,018 Shoppers Drug Mart Corp 136 749 0,237 0,237 Votorantim Celulose e Papel SA 20 846 0,084 0,000 Silver Standard Resources Inc 52 679 0,447 0,447 Weg SA 36 220 0,142 0,000 Silver Wheaton Corp 10 215 0,071 0,071 Sun Life Financial Inc 228 245 0,151 0,151 Canada Suncor Energy Inc 596 682 0,264 0,264 Abitibi-Consolidated Inc 207 749 2,950 2,950 Talisman Energy Inc 327 681 0,285 0,285 Agricore United 37 904 1,294 1,294 Teck Cominco Ltd 185 593 0,183 0,187 Agrium Inc 94 922 0,365 0,366 TELUS Corp 552 723 0,574 0,288 Alcan Inc 156 294 0,137 0,137 Thomson Corp/The 84 018 0,051 0,051 Algoma Steel Inc 13 519 0,241 0,241 Toronto-Dominion Bank 543 156 0,203 0,203 Bank of Montreal 1 079 437 0,584 0,584 TransAlta Corp 57 066 0,198 0,198 Bank of Nova Scotia 574 445 0,208 0,208 TransCanada Corp 250 991 0,236 0,236 Banro Corp 854 0,027 0,027 Westaim Corp 3 451 0,381 0,381 Barrick Gold Corp 746 129 0,451 0,452 Zarlink Semiconductor Inc 7 683 0,446 0,446 BCE Inc 15 542 0,011 0,011 Bell Aliant Regional Communications Income Fund 82 0,000 0,000 Cayman Islands Bema Gold Corp 284 388 1,804 1,804 Garmin Ltd 80 177 0,107 0,107 Biovail Corp 13 309 0,063 0,063 Bombardier Inc 59 750 0,161 0,084 Mexico Brookfield Asset Management Inc 161 448 0,138 0,138 Alfa SAB de CV 29 280 0,127 0,127 Brookfield Properties Corp 62 268 0,097 0,097 America Movil SA de CV 1 209 440 0,240 0,000 Cameco Corp 201 875 0,227 0,227 America Telecom SA de CV 298 887 0,154 0,000 Canadian Imperial Bank of Commerce/CA 963 451 0,545 0,545 Carso Global Telecom SAB de CV 47 790 0,057 0,060 Canadian National Railway Co 343 980 0,248 0,248 Carso Infraestructura y Construccion SA de CV 9 535 0,068 0,068 Canadian Natural Resources Ltd 522 575 0,292 0,292 Cemex SAB de CV 366 476 0,228 0,228 Canadian Pacific Railway Ltd 122 483 0,239 0,239 Coca-Cola Femsa SAB de CV 14 103 0,032 0,221 Canadian Tire Corp Ltd 65 769 0,212 0,000 Consorcio ARA SA de CV 25 935 0,188 0,188

 Government Pension Fund – Global Holding of equities at 31 December 2006

Americas Ownership stake (per cent) Voting (per cent) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Market value (NOK 1000)

Corp GEO SAB de CV 31 768 0,190 0,190 Amylin Pharmaceuticals Inc 287 844 0,984 0,984 Desarrolladora Homex SAB de CV 25 604 0,125 0,125 Anadarko Petroleum Corp 345 182 0,277 0,277 Fomento Economico Mexicano SAB de CV 106 725 0,135 0,206 Analog Devices Inc 290 998 0,416 0,416 Gruma SAB de CV 6 845 0,063 0,063 Anheuser-Busch Cos Inc 339 901 0,144 0,144 Grupo Aeroportuario del Pacifico SA de CV 22 456 0,164 0,102 AnnTaylor Stores Corp (29 685) -0,202 0,000 Grupo Bimbo SA de CV 23 366 0,064 0,064 AON Corp 93 801 0,138 0,138 Grupo Carso SA de CV 133 376 0,248 0,248 Apache Corp 555 822 0,407 0,407 Grupo Continental SA 4 127 0,042 0,042 Apartment Investment & Management Co 38 036 0,113 0,113 Grupo Elektra SA de CV 45 920 0,251 0,251 Apex Silver Mines Ltd 260 017 4,497 4,497 Grupo Financiero Banorte SA de CV 217 693 0,444 0,444 Apollo Group Inc 77 106 0,184 0,000 Grupo Financiero Inbursa SA 28 273 0,077 0,077 Apple Computer Inc 670 706 0,148 0,148 Grupo Mexico SAB de CV 100 172 0,170 0,170 Applera Corp - Applied Biosystems Group 186 201 0,445 0,445 Grupo Modelo SA 45 896 0,041 0,205 Applied Materials Inc 481 396 0,301 0,301 Grupo Televisa SA 373 466 0,439 0,199 Aramark Corp 62 481 0,166 0,241 Impulsora Del Desarrollo Y El Empleo en Arch Coal Inc 79 467 0,299 0,299 America Latina SA de CV 16 444 0,070 0,070 Archer-Daniels-Midland Co 118 035 0,090 0,090 Industrias Bachoco SA de CV 35 625 0,395 0,000 Archstone-Smith Trust 74 016 0,094 0,094 Industrias Penoles SA de CV 102 400 0,445 0,452 Arris Group Inc 93 081 1,108 1,108 Kimberly-Clark de Mexico SAB de CV 27 595 0,085 0,163 Arrow Electronics Inc 45 043 0,188 0,188 Organizacion Soriana SAB de CV 12 247 0,050 0,050 Arthur J Gallagher & Co 24 726 0,137 0,137 Telefonos de Mexico SAB de CV 68 093 0,038 0,000 Ashland Inc 58 828 0,215 0,215 TV Azteca SA de CV 10 160 0,099 0,099 Associated Banc-Corp 35 838 0,127 0,127 Urbi Desarrollos Urbanos SA de CV 15 139 0,075 0,075 Assurant Inc 171 320 0,404 0,404 Astoria Financial Corp 22 195 0,119 0,119 United States of america AT&T Inc 348 133 0,041 0,041 3M Co 730 107 0,204 0,204 Authentidate Holding Corp 677 0,198 0,198 99 Cents Only Stores 33 341 0,632 0,632 Autodesk Inc 172 439 0,295 0,295 Abbott Laboratories 722 930 0,155 0,155 Autoliv Inc 35 633 0,117 0,058 Abercrombie & Fitch Co 73 910 0,193 0,193 Automatic Data Processing Inc 667 379 0,395 0,395 Accenture Ltd 782 575 0,435 0,578 Autonation Inc 41 883 0,152 0,152 ACE Ltd 543 668 0,442 0,442 Autozone Inc 69 797 0,137 0,137 Achillion Pharmaceuticals Inc 9 778 0,628 0,628 AvalonBay Communities Inc 64 373 0,107 0,107 Acorda Therapeutics Inc 26 319 1,159 1,159 Avaya Inc 43 826 0,111 0,111 Activision Inc 243 281 0,808 0,808 Avery Dennison Corp 160 793 0,346 0,346 Adams Respiratory Therapeutics Inc 19 428 0,217 0,217 Avis Budget Group Inc 20 421 0,150 0,150 Adobe Systems Inc 870 334 0,583 0,583 Avnet Inc 126 071 0,541 0,541 Advance Auto Parts Inc 142 211 0,610 0,610 Avon Products Inc 182 786 0,200 0,200 Advanced Magnetics Inc 47 127 0,902 0,902 Axis Capital Holdings Ltd 161 442 0,511 0,511 Advanced Micro Devices Inc 83 521 0,120 0,120 Baker Hughes Inc 325 461 0,218 0,218 Advo Inc 40 596 0,628 0,628 Ball Corp 52 344 0,185 0,185 AES Corp/The 175 642 0,193 0,193 Bank of America Corp 2 770 539 0,186 0,186 Aetna Inc 612 400 0,436 0,436 Bank of New York Co Inc/The 1 767 375 0,959 0,959 Affiliated Computer Services Inc 66 099 0,220 0,235 Barr Pharmaceuticals Inc 75 153 0,226 0,226 Affymetrix Inc 44 797 0,460 0,460 Bausch & Lomb Inc 24 917 0,143 0,143 Aflac Inc 425 014 0,300 0,300 Baxter International Inc 440 805 0,233 0,233 AG Edwards Inc 34 912 0,117 0,117 BB&T Corp 154 987 0,105 0,105 AGCO Corp 507 673 2,893 2,893 BEA Systems Inc 37 004 0,121 0,121 Agere Systems Inc 26 115 0,130 0,130 Bear Stearns Cos Inc/The 162 741 0,111 0,137 Agilent Technologies Inc 167 309 0,189 0,189 Beckman Coulter Inc 142 665 0,615 0,615 AGL Resources Inc 37 067 0,197 0,197 Becton Dickinson & Co 92 630 0,086 0,086 Air Products & Chemicals Inc 173 588 0,183 0,183 Bed Bath & Beyond Inc 324 552 0,484 0,484 Airtran Holdings Inc 89 142 1,339 1,339 BellSouth Corp 1 130 114 0,211 0,211 Akamai Technologies Inc 61 614 0,119 0,119 Bemis Co 41 456 0,187 0,187 Alamo Group Inc 4 921 0,345 0,345 Berkshire Hathaway Inc 1 228 169 0,116 0,080 Alberto-Culver Co 250 318 2,001 2,001 Best Buy Co Inc 270 586 0,184 0,184 Alcoa Inc 688 104 0,425 0,425 Biogen Idec Inc 679 683 0,658 0,658 Alcon Inc 181 447 0,086 0,086 BioMarin Pharmaceuticals Inc 67 948 0,729 0,729 Alexander & Baldwin Inc 59 108 0,501 0,501 Biomet Inc 141 174 0,224 0,224 Alexion Pharmaceuticals Inc 106 590 1,223 1,223 BISYS Group Inc/The 79 102 0,817 0,817 Allergan Inc 138 655 0,121 0,121 BJ Services Co 133 520 0,249 0,249 Alliance Data Systems Corp 42 866 0,138 0,138 Black & Decker Corp 61 642 0,182 0,182 Alliant Energy Corp 29 550 0,108 0,108 Blue Nile Inc 38 611 1,049 1,049 Allied Capital Corp 37 043 0,123 0,123 BMC Software Inc 48 508 0,118 0,118 Allied Waste Industries Inc 88 399 0,314 0,314 BorgWarner Inc 83 418 0,394 0,394 Corp/The 519 250 0,205 0,205 Boston Properties Inc 87 820 0,108 0,108 Alltel Corp 372 938 0,265 0,265 Boston Scientific Corp 785 111 0,498 0,498 Altera Corp 184 748 0,417 0,417 Bowater Inc 350 953 4,355 4,355 Altria Group Inc 2 960 862 0,259 0,264 Brinker International Inc 45 006 0,195 0,195 Amazon.Com Inc 938 796 0,928 0,928 Bristol-Myers Squibb Co 524 193 0,163 0,163 AMB Property Corp 35 045 0,108 0,108 Broadcom Corp 335 453 0,316 0,356 AMBAC Financial Group Inc 437 143 0,743 0,743 Broadwing Corp 110 955 1,268 1,268 Amdocs Ltd 103 421 0,207 0,207 Brown & Brown Inc 135 903 0,553 0,553 Ameren Corp 304 587 0,441 0,441 Brown-Forman Corp 43 068 0,084 0,062 American Axle & Manufacturing Holdings Inc 134 467 2,192 2,192 Brunswick Corp 27 317 0,150 0,150 American Commercial Lines Inc 166 586 1,322 1,322 Buckeye Technologies Inc 61 986 2,206 2,206 American Eagle Outfitters 66 336 0,153 0,153 Bunge Ltd 248 313 0,459 0,459 American Electric Power Co Inc 150 154 0,143 0,143 Burlington Northern Santa Fe Corp 222 010 0,134 0,134 Co 426 859 0,094 0,094 CA Inc 64 562 0,087 0,087 American International Group Inc 2 758 251 0,238 0,238 Cablevision Systems Corp 69 918 0,115 0,173 American Italian Pasta Co 10 856 1,063 1,063 Cabot Corp 32 595 0,187 0,187 American Power Conversion Corp 318 643 0,881 0,881 Cadence Design Systems Inc 38 663 0,125 0,125 American Standard Cos Inc 137 174 0,241 0,241 Cameron International Corp 128 955 0,351 0,351 American Tower Corp 1 515 125 1,534 1,534 Campbell Soup Co 107 772 0,114 0,114 AmeriCredit Corp 26 463 0,146 0,146 Capital One Financial Corp 734 557 0,376 0,376 Ameriprise Financial Inc 58 197 0,071 0,071 Cardinal Health Inc 691 912 0,426 0,426 AmerisourceBergen Corp 58 684 0,109 0,109 Career Education Corp 29 727 0,203 0,203 Amgen Inc 1 933 050 0,390 0,390 Caremark Rx Inc 508 357 0,335 0,335 AMIS Holdings Inc 3 251 0,056 0,056 Carmax Inc 155 707 0,436 0,436 Amphenol Corp 59 050 0,175 0,175 Carnival Corp 385 005 0,203 0,203 AMR Corp 152 554 0,378 0,378 Caterpillar Inc 778 235 0,298 0,313

N o rg es Ba n k In v est men t M a na g emen t A n n u a l R e por t 2006  Government Pension Fund – Global Holding of equities at 31 December 2006 Government Pension Fund – Global Holding of equities at 31 December 2006

Americas Ownership stake (per cent) Voting (per cent) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Market value (NOK 1000)

Cbot Holdings Inc 41 025 0,082 0,082 Diamond Offshore Drilling Inc 166 495 0,259 0,259 CBS Corp 207 629 0,137 0,000 Diebold Inc 23 326 0,123 0,123 CDW Corp 61 217 0,178 0,178 DIRECTV Group Inc/The 496 148 0,261 0,261 Celanese Corp 62 264 0,244 0,244 Discovery Holding Co 103 960 0,370 0,387 Celgene Corp 211 292 0,158 0,158 DNP Select Income Fund Inc 19 068 0,126 0,000 Centerpoint Energy Inc 32 356 0,100 0,100 Dolby Laboratories Inc 9 657 0,046 0,128 Centex Corp 80 017 0,192 0,192 Dollar General Corp 207 291 0,664 0,664 CenturyTel Inc 46 173 0,148 0,148 Dollar Tree Stores Inc 37 720 0,196 0,196 Cephalon Inc 373 185 1,396 1,396 Dominion Resources Inc/VA 356 968 0,193 0,193 Ceridian Corp 47 697 0,197 0,197 Double Eagle Petroleum Co 4 572 0,346 0,346 CH Robinson Worldwide Inc 204 866 0,462 0,462 Dover Corp 115 546 0,185 0,185 Charles Schwab Corp/The 199 086 0,131 0,131 Dow Chemical Co/The 379 698 0,160 0,160 Check Point Software Technologies 29 933 0,090 0,090 Dow Jones & Co Inc 64 765 0,329 0,432 Checkfree Corp 62 263 0,281 0,281 DR Horton Inc 282 187 0,546 0,546 Chemtura Corp 69 577 0,482 0,482 DreamWorks Animation SKG Inc 6 041 0,032 0,063 Chesapeake Energy Corp 153 655 0,182 0,182 DST Systems Inc 262 593 1,018 1,018 Chevron Corp 411 811 0,041 0,041 DTE Energy Co (141 993) -0,265 0,000 Chicago Mercantile Exchange Holdings Inc 79 280 0,072 0,072 Duke Energy Corp 777 623 0,300 0,300 Chicos FAS Inc 41 062 0,181 0,181 Duke Realty Corp 36 727 0,107 0,107 ChoicePoint Inc 36 804 0,188 0,188 Dun & Bradstreet Corp 41 842 0,132 0,132 Chubb Corp 316 149 0,233 0,233 E*Trade Financial Corp 561 215 0,942 0,942 Cigna Corp 30 181 0,036 0,036 Eastman Chemical Co 39 163 0,129 0,129 Cincinnati Financial Corp 64 711 0,132 0,132 Eastman Kodak Co 145 243 0,315 0,315 Cintas Corp 58 101 0,146 0,146 Eaton Corp 118 980 0,171 0,171 Circuit City Stores Inc 84 890 0,410 0,410 eBay Inc 847 152 0,325 0,325 Cisco Systems Inc 1 566 911 0,152 0,152 EchoStar Communications Corp 514 505 0,488 1,052 CIT Group Inc 91 820 0,133 0,133 Ecolab Inc 120 874 0,171 0,171 Citigroup Inc 1 905 344 0,112 0,112 Edison International 429 821 0,466 0,466 Citizens Banking Corp 30 525 0,431 0,431 eHealth Inc 12 346 0,453 0,453 Citizens Communications Co 40 018 0,139 0,139 EI Du Pont de Nemours & Co 546 982 0,196 0,196 Citrix Systems Inc 131 861 0,434 0,434 El Paso Corp 123 817 0,184 0,184 City National Corp/Beverly Hills CA 27 058 0,128 0,128 Electronic Arts Inc 616 354 0,637 0,637 Clear Channel Communications Inc 315 513 0,289 0,289 Electronic Data Systems Corp 105 557 0,119 0,119 Clear Channel Outdoor Holdings Inc 142 195 0,231 0,231 Eli Lilly & Co 1 277 879 0,348 0,348 Clorox Co 9 342 0,015 0,015 Embarq Corp 455 327 0,931 0,931 CNA Financial Corp 11 270 0,017 0,017 EMC Corp/Massachusetts 692 908 0,383 0,383 CNET Networks Inc 74 539 0,879 0,879 Emdeon Corp 42 026 0,351 0,351 Coach Inc 188 953 0,192 0,192 Emerson Electric Co 391 179 0,178 0,178 Coca-Cola Co/The 929 874 0,132 0,132 Emulex Corp 32 179 0,308 0,308 Coca-Cola Enterprises Inc 171 885 0,283 0,283 Endo Pharmaceuticals Holdings Inc 11 043 0,048 0,048 Coeur dAlene Mines Corp 11 519 0,134 0,134 Energen Corp 29 168 0,138 0,138 Cogent Communications Group Inc 56 151 1,137 1,137 Energizer Holdings Inc 35 724 0,142 0,142 Cognizant Technology Solutions Corp 74 155 0,109 0,109 Energy East Corp 20 857 0,091 0,091 Colgate-Palmolive Co 228 053 0,109 0,109 ENSCO International Inc 121 328 0,256 0,256 Colonial BancGroup Inc/The 31 137 0,127 0,127 Entegris Inc 11 157 0,125 0,125 Comcast Corp 848 719 0,155 0,148 Entercom Communications Corp 60 919 0,855 1,074 Comerica Inc 217 094 0,374 0,374 Entergy Corp 123 637 0,104 0,104 Commerce Bancorp Inc/NJ 34 747 0,084 0,084 EOG Resources Inc 209 734 0,222 0,222 Commerce Bancshares Inc/Kansas City MO 12 669 0,059 0,059 Equifax Inc 37 045 0,117 0,117 Community Health Systems Inc 42 279 0,195 0,195 Equinix Inc 58 384 0,425 0,425 Compass Bancshares Inc 46 044 0,095 0,095 Equitable Resources Inc 134 985 0,430 0,430 Computer Sciences Corp 69 368 0,122 0,122 Equity Office Properties Trust 114 032 0,108 0,108 Compuware Corp 397 982 2,178 2,178 Equity Residential 100 042 0,108 0,108 Comverse Technology Inc 69 336 0,261 0,261 Erie Indemnity Co 11 444 0,055 0,000 ConAgra Foods Inc 125 535 0,147 0,147 Estee Lauder Cos Inc/The 230 769 0,435 0,732 ConocoPhillips 2 791 626 0,379 0,379 Everest Re Group Ltd 204 138 0,514 0,514 Conor Medsystems Inc 106 262 1,445 1,445 Evergreen Energy Inc 5 328 0,105 0,105 Conseco Inc 621 090 3,286 3,286 EW Scripps Co 215 933 0,425 0,000 Consol Energy Inc 85 953 0,235 0,235 EXCO Resources Inc 21 058 0,192 0,192 Consolidated Edison Inc 73 222 0,095 0,095 Exelixis Inc 12 083 0,225 0,225 Constellation Brands Inc 227 972 0,540 0,602 Exelon Corp 1 025 052 0,396 0,396 Constellation Energy Group Inc 69 596 0,090 0,090 Expedia Inc 336 141 0,777 0,842 Convergys Corp 39 797 0,195 0,195 Expeditors International Washington Inc 180 803 0,336 0,336 Cooper Cos Inc/The 70 182 0,563 0,563 Exploration Co of Delaware Inc/The 7 633 0,278 0,278 Cooper Industries Ltd 79 836 0,156 0,156 Express Scripts Inc 134 341 0,222 0,222 Cooper Tire & Rubber Co 40 405 0,740 0,740 Exxon Mobil Corp 1 959 851 0,068 0,070 Copano Energy LLC 5 980 0,077 0,000 Fair Isaac Corp 18 838 0,129 0,129 Corning Inc 776 348 0,426 0,426 Fairchild Semiconductor International Inc 32 482 0,253 0,253 Costco Wholesale Corp 268 203 0,180 0,180 Family Dollar Stores Inc 81 984 0,296 0,296 Financial Corp 1 289 147 0,785 0,785 Fannie Mae 469 553 0,130 0,130 Coventry Health Care Inc 92 638 0,187 0,187 Fastenal Co 46 339 0,137 0,137 CR Bard Inc 48 203 0,091 0,091 Federated Department Stores Inc 430 146 0,345 0,345 Crown Castle International Corp 470 540 1,159 1,159 Federated Investors Inc 19 137 0,087 0,000 CSX Corp 175 363 0,188 0,188 FedEx Corp 750 519 0,361 0,361 Cubist Pharmaceuticals Inc 45 453 0,736 0,736 Fidelity National Financial Inc 4 358 0,013 0,013 Cummins Inc 48 125 0,129 0,129 Fidelity National Information Services Inc 93 562 0,198 0,198 CV Therapeutics Inc 143 672 2,908 2,908 Fifth Third Bancorp 173 526 0,122 0,122 CVS Corp 715 990 0,452 0,452 First American Corp 32 385 0,132 0,132 Cytec Industries Inc 88 737 0,524 0,524 First Data Corp 416 421 0,342 0,342 Dade Behring Holdings Inc 30 517 0,143 0,143 First Horizon National Corp 39 252 0,121 0,121 Danaher Corp 462 781 0,333 0,333 First Marblehead Corp/The 22 331 0,070 0,070 Darden Restaurants Inc 71 814 0,196 0,196 FirstEnergy Corp 181 124 0,151 0,151 DaVita Inc 29 691 0,081 0,081 Fiserv Inc 108 598 0,192 0,192 Dean Foods Co 53 631 0,152 0,152 Flextronics International Ltd 141 350 0,341 0,341 Deere & Co 238 521 0,177 0,177 Fluor Corp 160 303 0,358 0,358 Del Monte Foods Co 14 705 0,106 0,106 FMC Technologies Inc 26 999 0,103 0,103 Dell Inc 695 920 0,196 0,196 Foot Locker Inc 79 421 0,374 0,374 Dentsply International Inc 26 393 0,094 0,094 Ford Motor Co 296 103 0,334 0,348 Developers Diversified Realty Corp 35 315 0,075 0,075 Forest City Enterprises Inc 29 221 0,079 0,106 Devon Energy Corp 686 982 0,372 0,372 Forest Laboratories Inc 316 490 0,317 0,317

10 Government Pension Fund – Global Holding of equities at 31 December 2006

Americas Ownership stake (per cent) Voting (per cent) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Market value (NOK 1000)

Forest Oil Corp 12 274 0,096 0,096 Intersil Corp 22 236 0,108 0,108 Fortune Brands Inc 133 149 0,165 0,165 Intuit Inc 226 400 0,342 0,342 Foundation Coal Holdings Inc 4 548 0,051 0,051 Investors Financial Services Corp 22 722 0,129 0,129 Foundry Networks Inc 58 332 0,429 0,429 Invitrogen Corp 7 809 0,046 0,046 FPL Group Inc 448 891 0,327 0,327 Iron Mountain Inc 174 133 0,511 0,511 Franklin Resources Inc 597 134 0,343 0,343 iShares Goldman Sachs Technology Index Fund 96 880 4,417 0,000 Freddie Mac 824 638 0,282 0,282 Isilon Systems Inc 2 887 0,028 0,028 Fuel Tech Inc 5 370 0,161 0,161 iStar Financial Inc 42 976 0,116 0,116 Fulton Financial Corp 22 566 0,125 0,125 ITC Holdings Corp 85 709 0,816 0,816 GameStop Corp (37 745) -0,145 0,000 ITT Corp 122 064 0,187 0,187 Gannett Co Inc 16 653 0,019 0,019 Jabil Circuit Inc 59 136 0,182 0,182 Gap Inc/The 145 455 0,148 0,148 Jacobs Engineering Group Inc 49 006 0,163 0,163 Gemstar-TV Guide International Inc 41 801 0,393 0,393 Janus Capital Group Inc 36 480 0,137 0,137 Genco Shipping & Trading Ltd 37 663 0,851 0,851 JB Hunt Transport Services Inc 10 185 0,055 0,055 Genentech Inc 938 634 0,176 0,176 JC Penney Co Inc 294 417 0,272 0,272 General Electric Co 5 360 151 0,224 0,224 JDS Uniphase Corp 26 415 0,118 0,124 General Growth Properties Inc 68 938 0,088 0,088 JetBlue Airways Corp 51 590 0,332 0,332 General Mills Inc 158 798 0,129 0,129 Johnson & Johnson 1 029 658 0,086 0,086 General Motors Corp 130 102 0,120 0,120 Johnson Controls Inc 232 685 0,222 0,222 Gen-Probe Inc 127 169 0,749 0,749 Jones Apparel Group Inc 44 955 0,196 0,196 Gentex Corp 17 057 0,123 0,123 JPMorgan Chase & Co 972 857 0,093 0,093 Genuine Parts Co 159 653 0,317 0,317 Juniper Networks Inc 498 472 0,747 0,747 Genworth Financial Inc 577 478 0,600 0,600 KB Home 54 208 0,186 0,186 Genzyme Corp 653 529 0,648 0,648 Kellogg Co 121 761 0,098 0,098 Getty Images Inc 27 880 0,175 0,175 Keycorp 149 120 0,157 0,157 Gilead Sciences Inc 799 735 0,430 0,430 KeySpan Corp 322 011 0,716 0,716 Global Industries Ltd 4 919 0,052 0,052 Kimberly-Clark Corp 366 450 0,189 0,189 GlobalSantaFe Corp 285 248 0,334 0,334 Kimco Realty Corp 59 987 0,086 0,086 Gold Reserve Inc 18 297 1,547 1,590 Kinder Morgan Inc 304 717 0,345 0,345 Goldman Sachs Group Inc 1 523 353 0,276 0,288 Kinetic Concepts Inc 10 956 0,064 0,064 Goodrich Corp 163 732 0,463 0,463 King Pharmaceuticals Inc 12 358 0,051 0,051 Google Inc 2 264 696 0,258 0,354 Kirby Corp 87 935 0,782 0,782 GrafTech International Ltd 151 345 3,467 3,467 Kla-Tencor Corp 265 184 0,430 0,430 Grant Prideco Inc 123 543 0,390 0,390 Knight Transportation Inc 159 398 1,746 1,746 Great Plains Energy Inc 88 505 0,557 0,557 Knot Inc/The 32 186 0,636 0,636 Greatbatch Inc 26 550 0,720 0,720 Kohls Corp 474 784 0,341 0,341 H&R Block Inc 72 914 0,158 0,158 Kraft Foods Inc (2 568) -0,001 0,000 Halliburton Co 324 564 0,167 0,167 Kroger Co/The 230 319 0,226 0,226 Hanover Compressor Co 14 781 0,122 0,122 KV Pharmaceutical Co 24 176 0,330 0,441 Hansen Natural Corp 166 714 0,875 0,875 Laboratory Corp of America Holdings 78 868 0,137 0,137 Harley-Davidson Inc 153 643 0,135 0,135 Lam Research Corp 525 587 1,170 1,170 Harman International Industries Inc 311 646 0,768 0,768 Lamar Advertising Co 837 895 2,029 2,399 Harrahs Entertainment Inc 183 167 0,191 0,191 Landstar System Inc 197 904 1,464 1,464 Harris Corp 46 485 0,121 0,121 Las Vegas Sands Corp 112 111 0,057 0,057 Hartford Financial Services Group Inc 768 723 0,417 0,417 Leap Wireless International Inc 201 359 0,802 0,802 Hasbro Inc 39 666 0,147 0,147 Lear Corp 47 447 0,383 0,383 Headwaters Inc 5 520 0,087 0,087 Legg Mason Inc 207 100 0,262 0,266 Health Care Property Investors Inc 51 336 0,113 0,113 Leggett & Platt Inc 50 602 0,190 0,190 Health Management Associates Inc 26 657 0,084 0,084 Lehman Brothers Holdings Inc 340 462 0,132 0,132 Health Net Inc 103 990 0,294 0,294 Lennar Corp 77 097 0,151 0,053 Healthsouth Corp 29 198 0,261 0,261 Leucadia National Corp 40 203 0,106 0,106 Helix Energy Solutions Group Inc 11 781 0,065 0,065 Level 3 Communications Inc 110 687 0,270 0,270 Helmerich & Payne Inc 22 795 0,142 0,142 Lexmark International Inc 56 464 0,127 0,127 Henry Schein Inc 22 955 0,085 0,085 Liberty Global Inc 117 750 0,165 0,170 Hercules Offshore Inc 9 733 0,169 0,169 Liberty Media Corp - Capital 235 108 0,274 0,287 Hershey Co/The 46 262 0,064 0,087 Liberty Media Corp - Interactive 122 734 0,136 0,142 Hertz Global Holdings Inc 105 006 0,302 0,302 Liberty Property Trust 28 266 0,102 0,102 Hess Corp 278 934 0,321 0,321 Lifecell Corp 22 331 0,441 0,441 Hewlett-Packard Co 1 692 271 0,243 0,243 Lincare Holdings Inc 20 523 0,089 0,089 Hillenbrand Industries Inc 20 515 0,094 0,094 Lincoln National Corp 129 952 0,113 0,113 Hilton Hotels Corp 170 242 0,203 0,203 Lindsay Corp 36 409 1,540 1,540 HJ Heinz Co 139 142 0,151 0,151 Linear Technology Corp 67 551 0,120 0,120 Hologic Inc 57 067 0,367 0,367 Liquidity Services Inc 30 432 1,028 1,028 Home Depot Inc 1 420 273 0,278 0,278 Lithia Motors Inc 56 944 1,626 2,014 Hormel Foods Corp 36 645 0,114 0,114 Liz Claiborne Inc 53 623 0,193 0,193 Hospira Inc 50 944 0,156 0,156 Loews Corp 193 113 0,136 0,136 Hospitality Properties Trust 29 618 0,116 0,116 Lone Star Technologies Inc 1 226 0,013 0,013 Host Hotels & Resorts Inc 86 039 0,108 0,108 Longs Drug Stores Corp 51 402 0,521 0,521 Hovnanian Enterprises Inc 90 065 0,683 0,905 Louisiana-Pacific Corp 10 044 0,072 0,072 HUB Group Inc 178 730 2,621 2,665 Lowes Cos Inc 374 203 0,127 0,127 Hudson City Bancorp Inc 358 355 0,734 0,734 LSI Logic Corp 139 055 0,619 0,619 Hugoton Royalty Trust 44 0,001 0,001 Ltd Brands Inc 136 041 0,190 0,190 Humana Inc 47 636 0,083 0,083 Lyondell Chemical Co 57 235 0,145 0,145 Huntington Bancshares Inc/OH 44 085 0,125 0,125 M&T Bank Corp 91 409 0,109 0,109 IAC/InterActiveCorp 485 857 0,715 0,783 Macerich Co/The 31 673 0,082 0,082 ICOS Corp 139 635 1,013 1,013 Macrovision Corp 38 447 0,426 0,426 Idacorp Inc 92 912 0,899 0,899 MannKind Corp 70 090 0,977 0,977 Idearc Inc 43 963 0,169 0,000 Manor Care Inc 64 317 0,298 0,298 Illinois Tool Works Inc 275 172 0,169 0,169 Manpower Inc 279 982 0,706 0,706 ImClone Systems Inc 87 902 0,623 0,623 Marathon Oil Corp 369 937 0,183 0,183 IMS Health Inc 219 004 0,645 0,645 Mariner Energy Inc 22 089 0,210 0,210 Ingersoll-Rand Co Ltd 144 143 0,193 0,193 Markel Corp 39 608 0,137 0,137 Integrated Device Technology Inc 83 093 0,434 0,434 Marriott International Inc 322 070 0,274 0,274 Intel Corp 1 452 409 0,200 0,200 Marsh & McLennan Cos Inc 227 760 0,216 0,216 International Business Machines Corp 1 173 520 0,126 0,129 Marshall & Ilsley Corp 94 804 0,124 0,124 International Flavors & Fragrances Inc 54 345 0,198 0,198 Marvell Technology Group Ltd 401 572 0,574 0,574 International Game Technology 747 776 0,775 0,775 Masco Corp 423 426 0,578 0,578 International Paper Co (16 576) -0,017 0,000 Massey Energy Co 39 401 0,339 0,339 International Rectifier Corp 77 776 0,449 0,449 Mastercard Inc (61 323) -0,074 0,000 Interpublic Group of Cos Inc 74 434 0,221 0,221 Mattel Inc 341 954 0,635 0,635

N o rg es Ba n k In v est men t M a na g emen t A n n u a l R e por t 2006 11 Government Pension Fund – Global Holding of equities at 31 December 2006 Government Pension Fund – Global Holding of equities at 31 December 2006

Americas Ownership stake (per cent) Voting (per cent) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Market value (NOK 1000)

Maxim Integrated Products Inc 828 846 1,356 1,356 Oneok Inc 72 463 0,245 0,245 MBIA Inc 442 337 0,721 0,721 ONEOK Partners LP 7 888 0,043 0,043 McAfee Inc 33 059 0,117 0,117 Oracle Corp 990 768 0,179 0,179 McClatchy Co (21 694) -0,098 0,000 OReilly Automotive Inc 141 745 0,625 0,625 McCormick & Co Inc/MD 35 809 0,113 0,000 OSI Pharmaceuticals Inc 138 302 1,109 1,109 McDonalds Corp 716 410 0,210 0,210 OSI Restaurant Partners Inc 34 465 0,190 0,190 McGraw-Hill Cos Inc/The 280 005 0,187 0,187 Owens-Illinois Inc 488 413 2,766 2,766 McKesson Corp 378 799 0,405 0,405 Paccar Inc 130 476 0,130 0,130 MDU Resources Group Inc 47 383 0,164 0,164 Pactiv Corp 56 916 0,192 0,192 MeadWestvaco Corp 32 395 0,096 0,096 Pall Corp 392 497 1,491 1,490 Medco Health Solutions Inc 260 365 0,267 0,267 Parker Hannifin Corp 96 369 0,171 0,171 Medicines Co 48 367 0,482 0,482 PartnerRe Ltd 35 898 0,143 0,143 Medimmune Inc 198 583 0,412 0,412 Patterson Cos Inc 26 291 0,085 0,085 Medtronic Inc 1 353 313 0,353 0,353 Patterson-UTI Energy Inc 42 687 0,186 0,186 Mellon Financial Corp 19 383 0,018 0,018 Paychex Inc 176 020 0,188 0,188 MEMC Electronic Materials Inc 48 635 0,090 0,090 Peabody Energy Corp 245 399 0,370 0,370 Mercantile Bankshares Corp 308 694 0,844 0,844 Pediatrix Medical Group Inc 22 808 0,154 0,154 Merck & Co Inc 443 076 0,075 0,075 Pentair Inc 37 721 0,193 0,193 Mercury General Corp 11 382 0,063 0,063 Peoples Bank/Bridgeport CT 23 973 0,061 0,061 Merrill Lynch & Co Inc 1 400 824 0,273 0,274 Pepco Holdings Inc 32 041 0,103 0,103 Metlife Inc 334 322 0,120 0,120 Pepsi Bottling Group Inc 50 532 0,111 0,111 MGI Pharma Inc 27 270 0,301 0,301 PepsiAmericas Inc 18 558 0,110 0,110 MGIC Investment Corp 41 999 0,130 0,130 PepsiCo Inc 1 102 155 0,172 0,172 MGM Mirage 95 267 0,095 0,095 PetSmart Inc 48 763 0,200 0,200 Microchip Technology Inc 50 763 0,116 0,116 Pfizer Inc 1 385 211 0,119 0,119 Micron Technology Inc 483 794 0,738 0,738 PG&E Corp 103 138 0,100 0,100 Microsoft Corp 3 435 742 0,188 0,188 Pharmaceutical Product Development Inc 42 940 0,183 0,183 Millennium Pharmaceuticals Inc 344 095 1,604 1,604 Phelps Dodge Corp 159 732 0,105 0,105 Millipore Corp 265 829 1,200 1,200 Pinnacle West Capital Corp 22 622 0,072 0,072 Minerals Technologies Inc 18 302 0,261 0,261 Pioneer Natural Resources Co 79 061 0,261 0,261 Mohawk Industries Inc 59 678 0,189 0,189 Pitney Bowes Inc 74 577 0,117 0,117 Molex Inc 49 224 0,144 0,143 PlanetOut Inc 3 066 0,608 0,608 Molson Coors Brewing Co 132 538 0,322 0,427 Plum Creek Timber Co Inc (REIT) 46 265 0,105 0,105 MoneyGram International Inc 87 532 0,533 0,533 PMI Group Inc/The 34 554 0,148 0,148 Monsanto Co 710 477 0,400 0,400 PNC Financial Services Group Inc 192 588 0,142 0,142 Monster Worldwide Inc 603 527 1,618 1,680 PNM Resources Inc 152 336 1,037 1,037 Moodys Corp 156 410 0,130 0,130 Pogo Producing Co 91 844 0,522 0,522 891 097 0,168 0,168 Popular Inc 39 184 0,126 0,126 Mosaic Co/The 308 124 0,522 0,529 Powerwave Technologies Inc 25 477 0,488 0,488 Motorola Inc 451 836 0,146 0,146 PPG Industries Inc 112 272 0,170 0,170 Murphy Oil Corp 362 583 0,612 0,612 PPL Corp 162 572 0,191 0,191 MWI Veterinary Supply Inc 19 541 0,841 0,841 Praxair Inc 262 728 0,220 0,220 Mylan Laboratories Inc 8 004 0,030 0,030 Precision Castparts Corp 110 324 0,167 0,167 Nabors Industries Ltd 123 000 0,222 0,222 Premium Standard Farms Inc 61 151 1,654 1,654 Nalco Holding Co 97 373 0,534 0,534 Priceline.com Inc 27 153 0,274 0,274 Nasdaq Stock Market Inc/The 134 848 0,628 0,628 Pride International Inc 134 262 0,438 0,438 National City Corp 151 319 0,105 0,105 Principal Financial Group Inc 9 866 0,010 0,010 National Financial Partners Corp 67 704 0,643 0,643 Procter & Gamble Co 1 981 006 0,156 0,156 National Oilwell Varco Inc 342 954 0,513 0,513 Progress Energy Inc (184 572) -0,238 0,000 National Semiconductor Corp 57 145 0,121 0,121 Progressive Corp/The 153 122 0,133 0,133 Navteq Corp 258 066 1,270 1,270 Prologis 105 688 0,113 0,113 NCR Corp 55 070 0,116 0,116 Protective Life Corp 45 109 0,218 0,218 Network Appliance Inc 196 516 0,215 0,215 Inc 123 673 0,048 0,048 Neurometrix Inc 16 134 1,381 1,381 Public Service Enterprise Group Inc 150 502 0,144 0,144 NeuStar Inc 41 406 0,278 0,278 Public Storage Inc 83 982 0,080 0,081 New River Pharmaceuticals Inc 39 445 0,315 0,315 Puget Energy Inc 267 143 1,453 1,453 New York Community Bancorp Inc 1 055 462 3,567 3,567 Pulte Homes Inc 77 129 0,147 0,147 New York Times Co 327 057 1,500 1,508 QLogic Corp 117 636 0,547 0,547 Newell Rubbermaid Inc 93 902 0,188 0,188 Qualcomm Inc 920 185 0,237 0,237 Newfield Exploration Co 169 610 0,460 0,460 Quest Diagnostics Inc 41 681 0,065 0,065 Newmont Mining Corp 588 837 0,465 0,249 Questar Corp 367 003 0,827 0,827 News Corp 713 985 0,167 0,025 Quiksilver Inc 45 777 0,381 0,381 NII Holdings Inc 127 191 0,205 0,205 Qwest Communications International Inc 156 299 0,157 0,157 Nike Inc 260 298 0,168 0,226 Rackable Systems Inc 15 619 0,288 0,288 NiSource Inc 42 301 0,103 0,103 Radian Group Inc 38 364 0,142 0,142 Noble Corp 259 645 0,404 0,404 RadioShack Corp 27 959 0,197 0,197 Noble Energy Inc 168 445 0,317 0,317 Rambus Inc 33 226 0,274 0,274 Nordstrom Inc 297 200 0,376 0,376 Range Resources Corp 15 036 0,063 0,063 Norfolk Southern Corp 222 768 0,179 0,179 RCN Corp 3 754 0,054 0,054 Northeast Utilities 25 309 0,094 0,094 Realogy Corp 270 430 0,668 0,668 Northern Trust Corp 104 023 0,126 0,126 Red Hat Inc 416 723 1,522 1,522 Novelis Inc 16 635 0,129 0,129 Redback Networks Inc 12 656 0,117 0,117 Novellus Systems Inc 33 827 0,128 0,128 Regency Centers Corp 35 707 0,106 0,106 NPS Pharmaceuticals Inc 45 092 3,459 3,459 Regions Financial Corp 215 196 0,127 0,127 NSTAR 20 710 0,091 0,091 Reinsurance Group of America Inc 138 947 0,653 0,653 NTELOS Holdings Corp 61 884 1,325 1,327 Reliant Energy Inc 4 370 0,016 0,016 NTL Inc 189 689 0,370 0,370 RenaissanceRe Holdings Ltd 38 183 0,142 0,142 Nucor Corp 97 658 0,095 0,095 Rentech Inc 5 012 0,150 0,150 NuVasive Inc 41 711 0,858 0,858 Republic Bancorp Inc/MI 12 060 0,193 0,193 Nuveen Investments Inc 171 299 0,674 0,674 Republic Services Inc 201 222 0,609 0,609 Nvidia Corp 197 944 0,242 0,242 Respironics Inc 30 596 0,163 0,163 NVR Inc 41 104 0,183 0,183 Revlon Inc 4 969 0,151 0,157 NYSE Group Inc 47 249 0,050 0,050 Reynolds American Inc 218 602 0,181 0,181 Occidental Petroleum Corp 500 019 0,196 0,196 RH Donnelley Corp 146 091 0,532 0,532 Office Depot Inc 129 759 0,196 0,196 Rite Aid Corp 61 642 0,342 0,342 OfficeMax Inc 307 168 1,334 1,334 Robert Half International Inc 157 657 0,407 0,407 Old Republic International Corp 46 332 0,139 0,139 Rockwell Automation Inc 104 655 0,162 0,162 Omnicare Inc 98 065 0,336 0,336 Rockwell Collins Inc 105 186 0,159 0,159 Omnicom Group Inc 282 421 0,254 0,254 Rohm & Haas Co 90 491 0,130 0,130 OneBeacon Insurance Group Ltd 68 149 0,391 0,050 Ross Stores Inc 50 318 0,197 0,197

12 Government Pension Fund – Global Holding of equities at 31 December 2006

Americas Ownership stake (per cent) Voting (per cent) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Market value (NOK 1000)

Rowan Cos Inc 40 313 0,177 0,177 Tempur-Pedic International Inc 16 126 0,153 0,153 Royal Caribbean Cruises Ltd 81 212 0,149 0,149 Tenet Healthcare Corp 116 984 0,572 0,572 Royal Gold Inc 21 958 0,415 0,415 Teradyne Inc 21 950 0,124 0,124 RR Donnelley & Sons Co 92 733 0,193 0,172 Texas Instruments Inc 856 002 0,322 0,322 Ryder System Inc 28 536 0,148 0,148 Textron Inc 137 205 0,187 0,187 Sabre Holdings Corp 50 223 0,191 0,191 Theravance Inc 31 585 0,274 0,324 Safeco Corp 7 012 0,016 0,016 Thermo Fisher Scientific Inc 100 141 0,087 0,087 Safeway Inc 180 456 0,189 0,189 THQ Inc 22 273 0,171 0,171 Sally Beauty Holdings Inc 57 484 0,657 0,657 Tiffany & Co 97 295 0,294 0,294 SanDisk Corp 211 644 0,350 0,350 Time Warner Inc 960 984 0,174 0,178 Sanmina-SCI Corp 22 282 0,195 0,195 Time Warner Telecom Inc 189 239 1,074 1,074 Sara Lee Corp 171 187 0,216 0,216 Tivo Inc 5 738 0,186 0,186 SBA Communications Corp 128 658 0,718 0,718 TJX Cos Inc 178 835 0,221 0,221 SCANA Corp 27 432 0,093 0,093 Todco 13 105 0,107 0,107 Schering-Plough Corp 951 128 0,436 0,436 Toll Brothers Inc 42 719 0,139 0,139 Schlumberger Ltd 1 132 354 0,244 0,244 Torchmark Corp 73 593 0,189 0,189 Scholastic Corp 72 504 0,769 0,800 Total System Services Inc 12 532 0,039 0,039 Schweitzer-Mauduit International Inc 36 819 1,469 1,469 Transatlantic Holdings Inc 13 304 0,052 0,052 Seagate Technology 284 488 0,300 0,300 Transocean Inc 330 547 0,224 0,224 Sealed Air Corp 61 228 0,188 0,188 Triad Hospitals Inc 113 030 0,493 0,493 Holdings Corp 487 770 0,303 0,303 Tribune Co 17 578 0,038 0,038 SEI Investments Co 20 025 0,055 0,055 Tri-Continental Corporation 19 568 0,131 0,000 Sempra Energy (8 785) -0,010 0,000 Trident Microsystems Inc 85 983 1,330 1,330 Semtech Corp 25 602 0,435 0,435 Trimble Navigation Ltd 119 554 0,681 0,681 Sensient Technologies Corp 34 172 0,480 0,480 TRW Automotive Holdings Corp 112 978 0,694 0,694 Sepracor Inc 640 125 1,524 1,524 TXU Corp 458 977 0,296 0,296 ServiceMaster Co/The 44 896 0,192 0,192 Tyco International Ltd 1 455 940 0,387 0,387 Shaw Group Inc/The 9 136 0,054 0,054 Tyson Foods Inc 685 591 1,887 2,444 Sherwin-Williams Co/The 5 830 0,011 0,011 UAL Corp 259 330 0,855 0,855 Sierra Pacific Resources 52 992 0,229 0,229 Ultra Petroleum Corp 80 071 0,177 0,177 Sigma-Aldrich Corp 58 318 0,183 0,183 Union Pacific Corp 727 400 0,471 0,471 Signature Bank/New York NY 25 713 0,450 0,450 UnionBanCal Corp 26 065 0,049 0,049 Simon Property Group Inc 155 596 0,111 0,111 Unisys Corp 53 852 0,320 0,320 Sirius Satellite Radio Inc 169 0,001 0,001 United Auto Group Inc 83 078 0,599 0,599 SLM Corp 264 844 0,213 0,213 United Parcel Service Inc 580 066 0,116 0,187 Smith International Inc 223 239 0,408 0,408 United States Steel Corp 31 630 0,059 0,059 Smithfield Foods Inc 368 893 2,064 2,064 United Surgical Partners International Inc 26 190 0,333 0,333 Smurfit-Stone Container Corp 42 120 0,252 0,252 United Therapeutics Corp 56 644 0,721 0,721 Solectron Corp 34 314 0,189 0,189 UnitedHealth Group Inc 1 630 756 0,362 0,362 Sonus Networks Inc 127 978 1,235 1,235 Unitrin Inc 22 682 0,108 0,108 South Jersey Industries Inc 35 780 0,587 0,587 Universal Health Services Inc 110 650 0,588 0,634 Southern Co/The (8 218) -0,005 0,000 Univision Communications Inc 444 070 0,655 0,836 Southern Copper Corp 32 038 0,032 0,032 UnumProvident Corp 508 844 1,148 1,148 Southern Union Co 95 715 0,460 0,460 Urban Outfitters Inc 30 019 0,127 0,127 Southwest Airlines Co 490 662 0,650 0,650 US Airways Group Inc/New 41 039 0,138 0,138 Southwest Gas Corp 14 502 0,146 0,146 US Bancorp 251 043 0,063 0,063 Southwestern Energy Co 11 525 0,031 0,031 US Cellular Corp 80 592 0,213 0,343 Sovereign Bancorp Inc 1 755 825 2,349 2,349 UST Inc 86 019 0,148 0,148 Sprint Nextel Corp 722 319 0,212 0,221 Valero Energy Corp 308 814 0,160 0,160 SPX Corp 38 600 0,177 0,177 Valley National Bancorp 24 121 0,127 0,127 St Joe Co/The 14 036 0,057 0,057 Varian Medical Systems Inc 59 913 0,157 0,157 St Jude Medical Inc 372 723 0,463 0,463 Ventas Inc 31 329 0,114 0,114 St Paul Travelers Cos Inc/The 856 284 0,371 0,371 VeriSign Inc 121 785 0,332 0,332 Stanley Works/The 45 456 0,179 0,179 Veritas DGC Inc 47 175 0,244 0,244 Staples Inc 231 366 0,193 0,193 Verizon Communications Inc 1 013 118 0,150 0,150 Starbucks Corp 254 656 0,153 0,153 Vertex Pharmaceuticals Inc 300 399 1,027 1,027 Starwood Hotels & Resorts Worldwide Inc 155 220 0,188 0,188 VF Corp 112 015 0,196 0,196 State Street Corp 917 654 0,658 0,658 Viacom Inc 594 167 0,333 0,000 Station Casinos Inc 38 864 0,134 0,134 Vornado Realty Trust 104 432 0,091 0,091 Stillwater Mining Co 13 678 0,192 0,193 Vulcan Materials Co 201 369 0,381 0,381 Strattec Security Corp 377 0,037 0,037 Corp 657 096 0,097 0,097 Stryker Corp 87 392 0,063 0,063 Waddell & Reed Financial Inc 184 935 1,290 1,290 Student Loan Corp/The 6 565 0,025 0,025 Walgreen Co 408 227 0,142 0,142 Sun Microsystems Inc 201 723 0,170 0,170 Walt Disney Co 425 728 0,096 0,096 Sunoco Inc 61 482 0,129 0,129 Warner Music Group Corp 21 434 0,101 0,101 SunTrust Banks Inc 15 517 0,008 0,008 Washington Mutual Inc 732 313 0,274 0,274 Supervalu Inc 77 331 0,169 0,169 Washington Post Co/The 15 376 0,034 0,042 Swift Energy Co 14 731 0,179 0,179 Waste Management Inc 232 188 0,190 0,190 Sycamore Networks Inc 6 859 0,105 0,105 Waters Corp 53 717 0,174 0,174 Symantec Corp 715 272 0,587 0,587 Watson Pharmaceuticals Inc 9 067 0,055 0,055 Symbol Technologies Inc 42 628 0,180 0,180 Wausau Paper Corp 96 999 2,046 2,046 Synopsys Inc 30 772 0,131 0,131 Weatherford International Ltd 330 227 0,374 0,374 Synovus Financial Corp 78 855 0,126 0,126 Webster Financial Corp 161 624 0,949 0,949 Syntroleum Corp 4 761 0,395 0,395 Weight Watchers International Inc 19 717 0,062 0,062 Sysco Corp 511 277 0,361 0,361 Weingarten Realty Investors 25 259 0,103 0,103 T Rowe Price Group Inc 82 478 0,115 0,115 WellPoint Inc 1 069 537 0,352 0,352 Take-Two Interactive Software Inc 22 116 0,276 0,276 & Co 916 911 0,123 0,123 Talbots Inc (30 474) -0,376 0,000 Wendys International Inc 35 625 0,147 0,147 Target Corp 819 058 0,268 0,268 Wesco Financial Corp 4 989 0,024 0,024 TCF Financial Corp 27 292 0,122 0,122 Western Union Co/The 365 932 0,343 0,343 TD Ameritrade Holding Corp 160 109 0,265 0,265 Weyerhaeuser Co 249 132 0,237 0,239 TD Banknorth Inc 29 660 0,065 0,065 Whirlpool Corp 191 898 0,474 0,474 Tech Data Corp 91 605 0,713 0,713 White Mountains Insurance Group Ltd 51 277 0,132 0,132 TECO Energy Inc 37 353 0,166 0,166 Whole Foods Market Inc 80 836 0,194 0,194 Tecumseh Products Co 6 356 0,328 0,000 Williams Cos Inc 515 098 0,531 0,531 Teekay Shipping Corp 23 082 0,116 0,116 Williams-Sonoma Inc 42 905 0,195 0,195 Tektronix Inc 65 225 0,435 0,435 Willis Group Holdings Ltd 36 300 0,093 0,093 Telephone & Data Systems Inc 49 322 0,132 0,140 Wisconsin Energy Corp 30 970 0,090 0,090 Tellabs Inc 35 444 0,126 0,126 WM Wrigley Jr Co 58 352 0,065 0,022 Temple-Inland Inc 43 098 0,141 0,141 WMS Industries Inc 16 279 0,232 0,232

N o rg es Ba n k In v est men t M a na g emen t A n n u a l R e por t 2006 13 Government Pension Fund – Global Holding of equities at 31 December 2006 Government Pension Fund – Global Holding of equities at 31 December 2006

Americas Asia/Oceania Ownership stake (per cent) Voting (per cent) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Market value (NOK 1000)

WPS Resources Corp 37 920 0,261 0,261 Australia WR Berkley Corp 56 783 0,138 0,138 Adelaide Bank Ltd 15 004 0,228 0,228 WW Grainger Inc 54 220 0,145 0,145 Adelaide Brighton Ltd 9 086 0,122 0,122 Wyeth 1 632 196 0,382 0,382 AGL Energy Ltd 96 083 0,321 0,321 Wyndham Worldwide Corp 149 304 0,378 0,378 Alinta Ltd 91 097 0,318 0,318 Wynn Resorts Ltd 484 175 0,816 0,816 Alumina Ltd 258 524 0,712 0,616 Xcel Energy Inc 57 159 0,098 0,098 Amcor Ltd 81 555 0,251 0,251 Xerox Corp 117 753 0,116 0,116 AMP Ltd 261 506 0,279 0,281 Xilinx Inc 249 538 0,501 0,501 Ansell Ltd 19 446 0,240 0,240 XL Capital Ltd 210 579 0,260 0,260 APN News & Media Ltd 9 974 0,073 0,073 XM Satellite Radio Holdings Inc 549 168 2,273 2,273 Aristocrat Leisure Ltd 104 270 0,286 0,286 XTO Energy Inc 170 420 0,159 0,159 ASX Ltd 89 231 0,279 0,279 Yahoo! Inc 947 626 0,438 0,438 Austereo Group Ltd 4 699 0,125 0,125 Yum! Brands Inc 181 126 0,187 0,187 Australand Property Group 10 733 0,118 0,118 Zebra Technologies Corp 28 384 0,186 0,186 Australia & New Zealand Banking Group Ltd 641 921 0,250 0,252 Zimmer Holdings Inc 104 494 0,090 0,090 Australian Pharmaceutical Industries Ltd 2 601 0,093 0,093 Zions Bancorporation 70 264 0,128 0,128 Australian Wealth Management Ltd 30 750 0,441 0,441 AWB Ltd 13 465 0,257 0,257 Virgin Islands -British AXA Asia Pacific Holdings Ltd 72 608 0,116 0,116 UTi Worldwide Inc 230 699 1,260 1,260 Babcock & Brown Infrastructure Group 22 337 0,164 0,164 Babcock & Brown Japan Property Trust 13 113 0,259 0,259 Babcock & Brown Ltd 54 130 0,166 0,166 Bank of Queensland Ltd 19 271 0,226 0,226 Bendigo Bank Ltd 77 768 0,829 0,829 BHP Billiton Ltd 964 648 0,222 0,217 Billabong International Ltd 68 698 0,388 0,388 BlueScope Steel Ltd 64 420 0,210 0,210 Boral Ltd 63 703 0,286 0,286 Bradken Ltd 21 982 0,528 0,528 Brambles Ltd 334 504 0,342 0,347 Burns Philp & Co Ltd 4 324 0,028 0,028 Caltex Australia Ltd 44 585 0,146 0,146 Centro Properties Group 87 838 0,240 0,240 Centro Retail Group 6 468 0,122 0,122 CFS Retail Property Trust 42 017 0,177 0,177 Challenger Financial Services Group Ltd 18 532 0,166 0,166 Coca-Cola Amatil Ltd 55 531 0,194 0,194 Cochlear Ltd 70 792 0,453 0,453 Cockatoo Ridge Wines Ltd 1 364 2,091 1,938 Coles Group Ltd 280 152 0,340 0,340 Commonwealth Bank of Australia 268 422 0,086 0,086 Commonwealth Property Office Fund 27 258 0,234 0,234 Computershare Ltd 123 857 0,473 0,473 Consolidated Minerals Ltd 48 827 2,018 2,018 Corporate Express Australia Ltd 8 492 0,156 0,156 CSL Ltd/Australia 79 106 0,135 0,135 CSR Ltd 50 263 0,312 0,312 DB RREEF Trust 58 161 0,234 0,234 Downer EDI Ltd 61 785 0,568 0,568 Dyno Nobel Ltd 19 132 0,203 0,203 Envestra Ltd 8 837 0,191 0,191 FlexiGroup Ltd 18 690 0,604 0,604 Flight Centre Ltd 17 507 0,224 0,224 Fosters Group Ltd 112 814 0,164 0,164 Futuris Corp Ltd 16 632 0,238 0,238 Goodman Fielder Ltd 100 808 0,698 0,698 GPT Group 134 613 0,240 0,240 Gunns Ltd 15 417 0,300 0,300 GWA International Ltd 15 466 0,300 0,300 Harvey Norman Holdings Ltd 29 946 0,152 0,152 HFA Holdings Ltd 22 019 1,069 1,069 Iluka Resources Ltd 16 682 0,219 0,219 Insurance Australia Group Ltd 115 064 0,213 0,213 Investa Property Group 43 972 0,234 0,234 James Hardie Industries NV 62 152 0,282 0,282 JB Hi-Fi Ltd 17 680 0,528 0,528 John Fairfax Holdings Ltd 17 398 0,072 0,072 Leighton Holdings Ltd 39 285 0,142 0,142 Lend Lease Corp Ltd 87 149 0,241 0,241 Lion Nathan Ltd 41 988 0,196 0,196 Macquarie Airports Management Ltd 26 206 0,088 0,088 Macquarie Bank Ltd 272 514 0,278 0,278 Macquarie CountryWide Trust 30 206 0,234 0,234 Macquarie Goodman Group 178 283 0,288 0,288 Macquarie Infrastructure Group 94 269 0,209 0,209 Macquarie Office Trust 34 801 0,232 0,232 Mayne Pharma Ltd 16 899 0,132 0,132 Metcash Ltd 51 308 0,299 0,299 Minara Resources Ltd 21 847 0,164 0,164 Mirvac Group 63 262 0,231 0,231 Mortgage Choice Ltd 14 529 0,943 0,936 Multiplex Group 28 777 0,175 0,175 National Australia Bank Ltd 233 147 0,072 0,072 Newcrest Mining Ltd 212 140 0,491 0,491 Novogen Ltd 2 087 0,168 0,168 Nufarm Ltd 26 133 0,300 0,300 Oil Search Ltd 84 620 0,460 0,460 OneSteel Ltd 28 740 0,218 0,218 Orica Ltd 111 708 0,301 0,301 Origin Energy Ltd 121 797 0,350 0,350

14 Government Pension Fund – Global Holding of equities at 31 December 2006

Asia/Oceania Ownership stake (per cent) Voting (per cent) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Market value (NOK 1000)

Oxiana Ltd 46 866 0,218 0,218 Hunan Non-Ferrous Metal Corp Ltd 43 232 0,351 0,000 PaperlinX Ltd 15 472 0,179 0,179 Hunan Valin Steel Tube and Wire Co Ltd 24 154 0,326 0,326 Patties Foods Ltd 11 031 0,785 0,785 Industrial & Commercial Bank of China 114 852 0,007 0,036 Perpetual Ltd 34 271 0,218 0,218 Jiangsu Express 34 584 0,168 0,723 Promina Group Ltd 193 204 0,545 0,553 Jiaoda Kunji High-Tech Co Ltd 8 358 0,816 0,816 Publishing & Broadcasting Ltd 75 285 0,106 0,106 Kweichow Moutai Co Ltd 20 476 0,031 0,031 Qantas Airways Ltd 54 722 0,108 0,108 Lianhua Supermarket Holdings Co Ltd 46 162 0,997 0,997 QBE Insurance Group Ltd 491 149 0,424 0,424 Maanshan Iron & Steel 68 370 0,299 1,154 Reverse Corp Ltd 9 873 0,575 0,575 Offshore Oil Engineering Co Ltd 40 352 0,184 0,184 Rinker Group Ltd 267 837 0,336 0,336 PetroChina Co Ltd 140 965 0,009 0,076 Rio Tinto Ltd 317 195 0,190 0,190 Ping An Insurance Group Co of China Ltd 121 231 0,057 0,137 RP Data Ltd/New 2 776 0,262 0,262 Scud Group Ltd 22 737 1,163 1,163 Rural Press Ltd 15 897 0,206 0,123 Shandong Chenming Paper Holdings Ltd 3 458 0,064 0,102 Santos Ltd 84 682 0,292 0,292 Shandong Dong-E E-Jiao-A 38 727 0,868 0,868 Seek Ltd 17 026 0,208 0,208 Shandong Huatai Paper Co Ltd 32 628 0,625 0,625 Sigma Pharmaceuticals Ltd 19 033 0,136 0,136 Shandong Pharmaceutical Glass Co Ltd 16 001 1,137 1,137 Sims Group Ltd 36 625 0,294 0,294 Shandong Weigao Group Medical Polymer Co Ltd 43 750 0,719 0,719 Smorgon Steel Group Ltd 13 319 0,163 0,163 Shanghai Automotive Co 15 810 0,074 0,074 Sonic Healthcare Ltd 50 682 0,235 0,235 Shanghai Electric Group Co Ltd 45 107 0,145 0,580 Southern Cross Broadcasting Australia Ltd 13 753 0,242 0,242 Shanghai International Airport Co Ltd 45 009 0,155 0,155 SP AusNet 17 762 0,129 0,129 Shanghai Jin Jiang International Hotels Group Co Ltd 2 604 0,020 0,072 Spotless Group Ltd 14 465 0,295 0,295 Shanghai Jinjiang International Hotels Development Co Ltd 7 356 0,144 0,180 St George Bank Ltd 191 974 0,225 0,225 Shanghai Prime Machinery Co Ltd 46 565 1,488 1,488 Stockland 173 186 0,311 0,311 Shanghai Zhenhua Port Machinery Co 41 148 0,146 0,759 Suncorp-Metway Ltd 132 304 0,234 0,234 Shenzhen Chiwan Wharf Holdings Ltd 22 897 0,254 0,337 Sydney Roads Group 13 449 0,222 0,222 Shenzhen Yantian Port Holding Co Ltd 13 064 0,143 0,143 Symbion Health Ltd 28 086 0,233 0,233 Sina Corp/China 10 722 0,111 0,111 TABCORP Holdings Ltd 121 909 0,281 0,281 Sino Techfibre Ltd 49 915 1,075 1,075 Tattersalls Ltd 89 552 0,369 0,369 Solarfun Power Holdings Co Ltd 16 595 1,900 1,900 Telstra Corp Ltd 187 794 0,074 0,105 Tongwei Co Ltd 45 380 1,222 1,222 Ten Network Holdings Ltd 15 694 0,244 0,244 Torch Automobile Group Co Ltd 37 781 0,568 0,568 Toll Holdings Ltd 225 750 0,398 0,398 Travelsky Technology Ltd 47 475 0,563 0,563 Tower Australia Group Ltd 11 649 0,233 0,233 Weichai Power Co Ltd 99 112 1,367 1,367 Transurban Group 190 167 0,610 0,610 Weifu High-Technology Co Ltd 12 040 0,368 0,368 Vision Group Holdings Ltd 18 907 1,347 1,422 Wumart Stores Inc 9 386 0,140 0,336 Wesfarmers Ltd 230 442 0,330 0,330 Xiamen International Airport Group Co Ltd 9 938 0,521 0,521 West Australian Newspapers Holdings Ltd 8 797 0,073 0,073 Xiamen Tungsten Co Ltd 23 528 0,358 0,358 Westfield Group 495 214 0,273 0,273 Xinao Gas Holdings Ltd 44 923 0,666 0,666 Westpac Banking Corp 1 417 463 0,643 0,644 Xingda International Holdings Ltd 12 984 0,397 0,397 Woodside Petroleum Ltd 296 088 0,237 0,237 Yantai North Andre Juice Co 12 904 1,061 1,061 Woolworths Ltd 447 739 0,317 0,317 Yantai Wanhua Polyurethanes Co Ltd 26 686 0,116 0,116 WorleyParsons Ltd 61 515 0,287 0,287 Zhaojin Mining Industry Co Ltd 21 123 0,233 0,778 Zinifex Ltd 150 632 0,335 0,335 Zhejiang Golden Eagle Co Ltd 13 186 1,261 1,261 Zhejiang Huahai Pharmaceutical Co Ltd 24 298 0,977 0,977 Bahrain Zhengzhou Yutong Bus Co 37 327 0,888 0,888 Investcorp Bank BSC 35 860 0,000 0,000 Zijin Mining Group Co Ltd 99 985 0,219 0,718 ZTE Corp 9 057 0,031 0,197 China, peoples´ republic of Advanced Semiconductor Manufacturing Corp 9 431 0,984 1,335 Hong Kong Air China Ltd 123 683 0,263 0,833 Agile Property Holdings Ltd 70 131 0,320 0,320 Aluminum Corp of China Ltd 23 945 0,036 0,105 Asia Satellite Telecommunications Holdings Ltd 1 382 0,032 0,032 Angang Steel Co Ltd 20 838 0,042 0,043 ASM Pacific Technology 10 387 0,077 0,077 Anhui Conch Cement Co Ltd 25 591 0,089 0,085 Bank of East Asia Ltd 12 201 0,022 0,022 Anhui Expressway Co 12 630 0,159 0,510 Beijing Enterprises Holdings Ltd 6 025 0,073 0,073 Anhui Jianghuai Automobile Co Ltd 5 408 0,151 0,151 BOC Hong Kong Holdings Ltd 210 307 0,118 0,118 Anhui Tianda Oil Pipe Co Ltd 26 659 1,853 1,853 Brilliance China Automotive Holdings Ltd 2 392 0,062 0,062 Baidu.com 64 007 0,271 0,000 Cafe de Coral Holdings Ltd 6 038 0,105 0,105 Bank of Communications Co Ltd 49 124 0,014 0,028 Cathay Pacific Airways Ltd 18 217 0,030 0,030 Baoshan Iron & Steel Co Ltd 30 323 0,025 0,025 Chaoda Modern Agriculture 5 051 0,053 0,053 Baoye Group Co Ltd 98 872 1,555 1,555 Chen Hsong Holdings 17 323 0,723 0,723 Beijing Capital Land Ltd 37 685 0,574 0,574 Cheung Kong Holdings Ltd 345 901 0,195 0,195 Black Peony Group Co Ltd 4 256 0,300 0,300 Cheung Kong Infrastructure Holdings Ltd 157 819 0,362 0,362 China Coal Energy Co 120 642 0,265 0,836 China Everbright Ltd 8 320 0,073 0,073 China Communications Construction Co Ltd 123 973 0,135 0,000 China Insurance International Holdings Co Ltd 175 540 1,667 1,667 China Communications Services Corp Ltd 61 948 0,332 1,227 China LotSynergy Holdings Ltd 28 341 1,128 1,128 China Construction Bank 211 238 0,024 0,024 China Mengniu Dairy Co Ltd 129 961 0,580 0,580 China International Marine Containers Co Ltd 76 892 0,248 0,495 China Merchants Holdings International Co Ltd 21 076 0,036 0,036 China Life Insurance Co Ltd 382 812 0,067 0,242 China Mobile Ltd 693 180 0,065 0,065 China Merchants Bank Co Ltd 111 124 0,058 0,058 China National Aviation Co Ltd 2 457 0,033 0,033 China Milk Products Group Ltd 45 126 1,083 1,083 China Netcom Group Corp Hong Kong Ltd 21 753 0,020 0,020 China National Building Materials 80 699 0,965 0,965 China Overseas Land & Investment Ltd 44 248 0,076 0,076 China Petroleum & Chemical Corp 150 769 0,025 0,156 China Resources Enterprise 31 906 0,076 0,076 China Shenhua Energy Co Ltd 149 870 0,055 0,294 China Resources Power Holdings Co 15 273 0,043 0,043 China Telecom Corp Ltd 204 050 0,074 0,431 China Solar Energy Holdings Ltd 18 974 0,795 0,795 China United Telecommunications Corp Ltd 16 387 0,021 0,021 China Ting Group Holdings Ltd 47 859 1,477 1,477 Dashang Group Co Ltd 21 948 0,319 0,319 China Travel International Inv HK 49 747 0,430 0,430 Datang International Power Generation Co Ltd 103 756 0,235 1,118 China Unicom Ltd 244 062 0,211 0,211 Dongfang Electrical Machinery Co Ltd 32 472 0,366 1,147 China Water Affairs Group Ltd 47 555 2,200 2,200 eLong Inc 11 422 0,561 0,000 Chinese Estates Holdings Ltd 10 483 0,061 0,061 Fujian Longxi Bearing Group Co Ltd 11 582 0,678 0,678 Chong Hing Bank Ltd 3 231 0,054 0,054 Fuyao Group Glass Industries Co Ltd 68 159 0,578 0,578 CITIC International Financial Holdings Ltd 13 708 0,075 0,075 Gree Electric Appliances Inc 24 927 0,327 0,327 Citic Pacific Ltd 36 164 0,077 0,077 Greentown China Holdings Ltd 92 740 0,594 0,594 CLP Holdings Ltd 44 169 0,040 0,040 Guangdong Electric Power Development Co Ltd 28 809 0,250 1,129 CNOOC Ltd 303 996 0,119 0,119 Guangzhou Shipyard International Co Ltd 52 098 0,817 1,028 Cnpc Hong Kong Ltd 81 082 0,487 0,487 Haitian International Holdings Ltd 1 995 0,045 0,045 Cofco International Ltd 274 571 2,444 2,444 Hangzhou Steam Turbine Co 24 807 0,816 0,816 COSCO Pacific Ltd 64 214 0,198 0,198 Harbin Power Equipment 32 850 0,361 0,817 Dah Sing Banking Group Ltd 3 846 0,029 0,029 Henan Shuanghui Investment & Development Co Ltd 35 558 0,278 0,278 Dah Sing Financial Holdings Ltd 40 902 0,290 0,290 Huaneng Power International Inc 292 447 0,436 0,436 Denway Motors Ltd 12 816 0,068 0,068

N o rg es Ba n k In v est men t M a na g emen t A n n u a l R e por t 2006 15 Government Pension Fund – Global Holding of equities at 31 December 2006 Government Pension Fund – Global Holding of equities at 31 December 2006

Asia/Oceania Ownership stake (per cent) Voting (per cent) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Market value (NOK 1000)

Embry Holdings Ltd 697 0,040 0,040 Zhuzhou CSR Times Electric Co Ltd 7 176 0,081 0,210 Esprit Holdings Ltd 254 918 0,298 0,298 AAC Acoustic Technology Holdings Inc 35 095 0,476 0,476 First Pacific Co 7 102 0,069 0,069 Fountain SET Hldgs 1 830 0,133 0,133 India Foxconn International Holdings Ltd 65 587 0,046 0,046 Aditya Birla Nuvo Ltd 16 840 0,103 0,103 Fubon Bank Hong Kong Ltd 1 129 0,034 0,034 Aurobindo Pharma Ltd 7 228 0,137 0,137 Galaxy Entertainment Group Ltd 10 520 0,055 0,055 Bajaj Auto Ltd 17 955 0,048 0,048 Giordano International Ltd 7 485 0,148 0,148 Bata India Ltd 5 463 0,298 0,298 Global Bio-Chem Technology Group Co Ltd 3 939 0,081 0,081 Bharat Earth Movers Ltd 7 542 0,144 0,144 GOME Electrical Appliances Holdings Ltd 29 301 0,197 0,197 Bharat Electronics Ltd 5 909 0,039 0,039 Good Fellow Group Ltd 119 928 3,002 3,002 Bharat Forge Ltd 7 735 0,068 0,068 Great Eagle Holdings Ltd 7 599 0,071 0,071 Bharat Heavy Electricals 46 754 0,059 0,059 Guangdong Investment Ltd 4 920 0,029 0,029 Bharti Airtel Ltd 246 045 0,147 0,143 Guangzhou Investment Co Ltd 6 852 0,058 0,058 Biocon Ltd 4 672 0,089 0,089 Guoco Group Ltd 12 758 0,050 0,050 Britannia Industries Ltd 2 297 0,062 0,063 Hang Lung Group Ltd 62 492 0,248 0,248 Cipla Ltd/India 15 753 0,057 0,057 Hang Lung Properties Ltd 50 833 0,079 0,079 Colgate-Palmolive India Ltd 3 352 0,045 0,045 Hang Seng Bank Ltd 99 595 0,061 0,061 Dr Reddys Laboratories Ltd 50 978 0,266 0,082 Henderson Investment Ltd 19 672 0,056 0,056 Eicher Motors Ltd 5 827 0,405 0,405 Henderson Land Development Co Ltd 42 668 0,068 0,068 EID Parry India Ltd 3 064 0,180 0,180 Hengan International Group Co Ltd 108 711 0,652 0,652 Financial Technologies India Ltd 31 667 0,288 0,288 Hong Kong & China Gas Co 104 075 0,135 0,135 Finolex Cables Ltd 574 0,027 0,027 Hong Kong Aircraft Engineerg 5 228 0,037 0,037 GAIL India Ltd 7 332 0,023 0,024 Hong Kong Exchanges and Clearing Ltd 198 371 0,272 0,272 Gateway Distriparks Ltd 5 117 0,190 0,190 Hongkong & Shanghai Hotels/The 9 463 0,063 0,063 Grasim Industries Ltd 8 680 0,024 0,024 HongKong Electric Holdings 269 721 0,414 0,414 HCL-Infosystems Ltd 8 940 0,235 0,236 Hongkong Land Holdings Ltd 77 531 0,136 0,136 HDFC Bank Ltd 11 637 0,025 0,025 Hopewell Highway Infrastructure Ltd 3 682 0,023 0,023 Hindustan Construction Co 4 260 0,081 0,080 Hopewell Holdings 65 086 0,331 0,331 Hindustan Lever Ltd 33 453 0,050 0,050 Huabao International Holdings Ltd 43 920 0,427 0,427 ICICI Bank Ltd 19 566 0,017 0,017 Hutchison Harbour Ring Ltd 2 395 0,080 0,080 Indiabulls Financial Services Ltd 36 361 0,234 0,232 Hutchison Telecommunications International Ltd 348 371 0,467 0,467 Indian Hotels Co Ltd 11 806 0,093 0,093 Hutchison Whampoa Ltd 354 165 0,131 0,131 Info Edge India Ltd 10 126 0,454 0,454 Hysan Development Co Ltd 19 647 0,114 0,114 Infosys Technologies Ltd 66 539 0,038 0,038 I-CABLE Communications Ltd 529 0,018 0,018 Infrastructure Development Finance Co Ltd 109 0,001 0,001 Industrial and Commercial Bank of China Asia Ltd 8 610 0,064 0,064 ITC Ltd 8 564 0,009 0,009 IT Ltd 9 571 0,899 0,899 KEC International Ltd 8 218 0,434 0,434 Jardine Matheson Holdings Ltd 132 258 0,161 0,161 Kotak Mahindra Bank Ltd 9 157 0,050 0,050 Jardine Strategic Holdings Ltd 110 248 0,124 0,124 Larsen & Toubro Ltd 9 886 0,017 0,017 Johnson Electric Holdings Ltd 12 082 0,077 0,077 Logix Microsystems Ltd 2 957 0,903 0,903 Kerry Properties Ltd 65 529 0,183 0,183 Lupin Ltd 4 293 0,062 0,062 Kingboard Chemical Holdings Ltd 22 929 0,115 0,115 Macmillan India Ltd 2 831 0,348 0,348 Kingway Brewery Holdings Ltd 25 756 0,743 0,743 McDowell Holdings Ltd 332 0,000 0,000 Lee & Man Paper Manufacturing Ltd 1 101 0,007 0,007 NTPC Ltd 19 635 0,012 0,012 Lenovo Group Ltd 13 184 0,059 0,061 Oil & Natural Gas Corp Ltd 21 967 0,008 0,008 Li & Fung Ltd 87 866 0,133 0,133 Punjab National Bank Ltd 3 879 0,017 0,017 REIT/The 43 597 0,159 0,159 PVR Ltd 4 320 0,584 0,590 Lung Kee (Bermuda) Holdings 12 572 0,704 0,704 Reliance Communications Ltd 43 096 0,032 0,032 Mandarin Oriental International Ltd 4 170 0,040 0,040 Reliance Industries Ltd 59 507 0,024 0,024 Matsunichi Communication Holdings Ltd 65 248 3,639 3,639 Satyam Computer Services Ltd 15 750 0,035 0,035 Melco PBL Entertainment Macau Ltd 60 938 0,119 0,119 Siemens India Ltd 8 474 0,031 0,031 MTR Corp 35 496 0,041 0,041 Sintex Industries Ltd 4 731 0,139 0,139 New World Development Ltd 52 427 0,114 0,114 Sobha Developers Ltd 191 0,002 0,000 Next Media Ltd 1 546 0,028 0,028 State Bank of India Ltd 116 737 0,127 0,000 Nine Dragons Paper Holdings Ltd 96 551 0,217 0,217 Sun TV Ltd 5 409 0,039 0,039 Orient Overseas International Ltd 7 133 0,029 0,029 Suzlon Energy Ltd 27 157 0,051 0,051 Oriental Press Group 867 0,032 0,032 Tata Motors Ltd 29 957 0,062 0,061 Pacific Basin Shipping Ltd 1 969 0,039 0,039 Titan Industries Ltd 8 462 0,157 0,158 PCCW Ltd 18 911 0,074 0,074 United Spirits Ltd 14 596 0,127 0,127 Public Financial Holdings Ltd 20 239 0,376 0,376 UTI Bank Ltd 12 424 0,067 0,067 Road King Infrastructure 71 868 1,139 1,139 Yes Bank Ltd 11 432 0,222 0,223 SCMP Group Ltd 3 744 0,102 0,102 ZEE Telefilms Ltd 29 932 0,169 0,167 Semiconductor Manufacturing International Corp 6 427 0,043 0,043 Shanghai Industrial Holdings Ltd 7 569 0,059 0,059 Indonesia Shangri-La Asia Ltd 80 859 0,198 0,198 Bank Buana Indonesia Tbk PT 14 340 0,321 0,321 Shenzhen International Holdings 2 081 0,049 0,049 Bank Nisp Tbk PT 23 002 0,792 0,797 Shenzhen Investment Ltd 44 537 0,684 0,564 Indosat Tbk PT 76 546 0,301 0,301 Shun Tak Holdings Ltd 15 948 0,076 0,076 International Nickel Indonesia Tbk PT 32 193 0,151 0,151 SIM Technology Group Ltd 39 389 0,995 0,995 PT Astra International Tbk 36 902 0,084 0,084 Sino Land Co 51 787 0,079 0,079 Telekomunikasi Indonesia Tbk PT 84 258 0,060 0,060 SmarTone Telecommunications Holding Ltd 2 049 0,054 0,054 Unilever Indonesia Tbk PT 28 319 0,081 0,081 Solomon Systech International Ltd 21 128 0,870 0,870 Sun Hung Kai Properties Ltd 712 836 0,400 0,400 Israel Swire Pacific Ltd 204 644 0,204 0,113 Bank Hapoalim BM 59 0,000 0,000 TCL Multimedia Technology Holdings Ltd 1 429 0,083 0,083 Emblaze Ltd 13 980 0,662 0,662 Techtronic Industries Co 22 346 0,189 0,189 Israel Chemicals Ltd 104 923 0,209 0,209 Television Broadcasts Ltd 12 623 0,076 0,076 Teva Pharmaceutical Industries Ltd 181 943 0,119 0,000 Tencent Holdings Ltd 229 621 0,586 0,586 Texwinca Holdings Ltd 4 944 0,086 0,086 Japan Tianjin Port Development Holdings Ltd 41 654 1,184 1,184 77 Bank Ltd/The 15 347 0,101 0,101 Tingyi Cayman Islands Holding Corp 45 232 0,133 0,133 ABC-Mart Inc 216 272 1,678 1,678 TPV Technology Ltd 8 886 0,116 0,116 Co Ltd (459) -0,004 0,000 VST Holdings Ltd 26 782 2,134 2,134 Acom Co Ltd 25 945 0,078 0,078 Wharf Holdings Ltd 430 559 0,764 0,764 Advantest Corp 295 896 0,416 0,416 Wheelock & Co Ltd 31 309 0,130 0,130 Aeon Co Ltd 359 553 0,334 0,334 Wing Hang Bank Ltd 66 478 0,308 0,308 Aeon Credit Service Co Ltd 74 600 0,403 0,403 Wing Lung Bank 11 849 0,078 0,078 Aeon Mall Co Ltd 6 883 0,033 0,033 Xinyi Glass Holding Co Ltd 69 031 1,623 1,623 Agrex Inc 12 429 1,495 1,495 Xiwang Sugar Holdings Co Ltd 51 366 1,933 1,933 Aica Kogyo Co Ltd 21 790 0,358 0,358 Yue Yuen Industrial Holdings Ltd 16 128 0,049 0,049 Aichi Steel Corp 2 943 0,039 0,039

16 Government Pension Fund – Global Holding of equities at 31 December 2006

Asia/Oceania Ownership stake (per cent) Voting (per cent) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Market value (NOK 1000)

Aiful Corp 15 002 0,060 0,060 Daiwa Securities Group Inc 160 935 0,164 0,164 Aioi Insurance Co Ltd 32 325 0,097 0,097 Denki Kagaku Kogyo K K 18 830 0,148 0,148 Aiphone Co Ltd 9 405 0,410 0,410 Denso Corp 392 079 0,180 0,180 Aisin Seiki Co Ltd 45 973 0,075 0,075 Dentsu Inc 16 249 0,032 0,032 Ajinomoto Co Inc 31 645 0,059 0,059 Descente Ltd 4 406 0,183 0,183 Alfresa Holdings Corp 13 112 0,087 0,087 Diamond City Co Ltd 192 868 1,805 1,805 All Nippon Airways Co Ltd 20 151 0,047 0,047 Diamond Lease Co Ltd 8 338 0,049 0,049 Alpen Co Ltd 21 257 0,296 0,296 Disco Corp 14 171 0,095 0,095 Alpha Corp/Japan 12 515 0,980 0,980 Don Quijote Co Ltd 9 296 0,109 0,109 Alps Electric Co Ltd 12 804 0,105 0,105 Doshisha Co Ltd 28 204 1,223 1,223 Amada Co Ltd 29 807 0,111 0,111 Dowa Holdings Co Ltd 13 525 0,084 0,084 Amuse Inc 4 936 0,705 0,705 Dydo Drinco Inc 55 636 1,290 1,290 AOC Holdings Inc 139 037 1,744 1,744 East Japan Railway Co 180 667 0,109 0,109 Aoyama Trading Co Ltd 13 805 0,110 0,110 Ebara Corp 10 005 0,099 0,099 Aozora Bank Ltd 4 621 0,012 0,012 EDION Corp 55 291 0,567 0,567 Aruze Corp 33 258 0,232 0,232 Eisai Co Ltd 458 928 0,453 0,453 Asahi Breweries Ltd 29 226 0,061 0,061 Electric Power Development Co Ltd 49 887 0,109 0,109 Asahi Broadcasting Corp 2 761 0,078 0,078 Elpida Memory Inc 42 547 0,096 0,096 Asahi Glass Co Ltd 140 313 0,158 0,158 EM Systems Co Ltd 19 258 1,326 1,326 Asahi Kasei Corp 61 368 0,105 0,105 Epson Toyocom Corp 12 494 0,174 0,174 Asatsu-DK Inc 6 005 0,059 0,059 Ezaki Glico Co Ltd 23 138 0,249 0,249 Asics Corp 286 040 1,832 1,832 FamilyMart Co Ltd 14 594 0,088 0,088 ASKUL Corp 3 496 0,066 0,066 Fanuc Ltd 711 570 0,485 0,485 Astellas Pharma Inc 469 599 0,295 0,295 Fast Retailing Co Ltd 140 189 0,223 0,223 Autobacs Seven Co Ltd 37 574 0,421 0,421 Fuji Electric Holdings Co Ltd 29 457 0,117 0,117 Awa Bank Ltd/The 8 621 0,108 0,108 Fuji Fire & Marine Insurance Co Ltd/The 5 591 0,049 0,049 Axell Corp 2 783 0,118 0,118 Fuji Heavy Industries Ltd 29 420 0,118 0,118 Bank of Fukuoka Ltd/The 66 207 0,209 0,209 Fuji Seal International Inc 100 745 2,199 2,199 Bank of Ikeda Ltd/The 82 269 1,132 1,132 FUJI SOFT INC 6 926 0,125 0,125 Bank of Kyoto Ltd/The 20 939 0,103 0,103 Fuji Television Network Inc 55 232 0,164 0,164 Bank of Nagoya Ltd/The 9 155 0,114 0,114 FUJIFILM Holdings Corp 143 053 0,109 0,109 Bank of Okinawa Ltd/The 25 574 0,480 0,480 Fujikura Ltd 30 802 0,150 0,150 Bank of the Ryukyus Ltd 7 439 0,245 0,245 Fujitsu Ltd 108 535 0,107 0,107 Bank of Yokohama Ltd/The 136 143 0,199 0,199 Fukuoka REIT Corp 17 196 0,347 0,347 Belluna Co Ltd 69 830 1,336 1,336 Fukuyama Transporting Co Ltd 4 930 0,075 0,075 Benefit One Inc 748 0,052 0,052 Funai Electric Co Ltd 5 627 0,031 0,031 Benesse Corp 23 938 0,095 0,095 Furukawa Electric Co Ltd 354 472 1,277 1,284 Bosch Corp 7 099 0,048 0,048 Furukawa-Sky Aluminum Corp 23 485 0,389 0,389 Bridgestone Corp 186 105 0,165 0,165 Furuya Metal Co Ltd 9 092 0,612 0,612 Brother Industries Ltd 35 693 0,153 0,153 Futaba Corp/Chiba 6 971 0,101 0,101 Bunka Shutter Co Ltd 18 884 0,716 0,716 Futaba Industrial Co Ltd 683 0,006 0,006 CAC Corp 16 830 1,462 1,462 Gakken Co Ltd 7 639 0,495 0,495 Calsonic Kansei Corp 4 910 0,049 0,049 Gigas Ks Denki Corp 32 717 0,401 0,401 Canon Finetech Inc 9 999 0,193 0,193 Glory Ltd 69 833 0,859 0,859 Canon Inc 1 426 621 0,306 0,306 Goldcrest Co Ltd 189 322 1,649 1,649 Canon Marketing Japan Inc 15 760 0,074 0,074 Goodwill Group Inc/The 13 822 0,129 0,129 Casio Computer Co Ltd 42 720 0,109 0,109 Gourmet Kineya Co Ltd 6 401 0,584 0,584 CCS Inc/Japan 5 183 0,886 0,867 Gulliver International Co Ltd 38 644 0,695 0,695 Central Glass Co Ltd 36 083 0,471 0,471 Gunma Bank Ltd/The 21 857 0,116 0,116 Central Japan Railway Co 212 485 0,148 0,148 Gunze Ltd 5 125 0,072 0,072 Chiba Bank Ltd/The 51 371 0,109 0,109 Hachijuni Bank Ltd/The 23 487 0,108 0,108 Chiyoda Co Ltd 18 829 0,358 0,358 Hakuhodo DY Holdings Inc 10 971 0,070 0,070 Chiyoda Corp 26 055 0,111 0,111 Hakuto Co Ltd 9 497 0,461 0,461 Chofu Seisakusho Co Ltd 19 856 0,439 0,439 Hamamatsu Photonics KK 15 968 0,111 0,111 Chubu Electric Power Co Inc 82 938 0,057 0,057 Hankyu Department Stores 8 760 0,090 0,090 Chugai Pharmaceutical Co Ltd 59 552 0,083 0,083 Hankyu Hanshin Holdings Inc 145 171 0,321 0,321 Chugoku Bank Ltd/The 20 405 0,107 0,107 Harmonic Drive Systems Inc 17 560 0,529 0,529 Chugoku Electric Power Co Inc/The 43 472 0,085 0,085 Haseko Corp 19 611 0,087 0,087 Circle K Sunkus Co Ltd 6 012 0,063 0,063 Heian Ceremony Service Co Ltd 6 250 1,255 1,255 Citizen Watch Co Ltd 14 643 0,081 0,081 Heiwa Corp 4 084 0,045 0,045 Coca-Cola West Holdings Co Ltd 28 087 0,176 0,176 Heiwa Real Estate Co Ltd 52 001 1,037 1,037 COMSYS Holdings Corp 689 0,007 0,007 Higo Bank Ltd/The 9 895 0,099 0,099 Cosel Co Ltd 70 096 1,709 1,709 Hikari Tsushin Inc 21 399 0,135 0,135 Cosmo Oil Co Ltd 23 268 0,137 0,137 Hino Motors Ltd 12 137 0,066 0,066 Cosmos Initia Co Ltd 29 053 0,773 0,773 Hirose Electric Co Ltd 66 860 0,237 0,237 Create SD Co Ltd 15 862 0,689 0,689 Hiroshima Bank Ltd/The 23 075 0,102 0,102 Credit Saison Co Ltd 59 324 0,153 0,153 HIS Co Ltd 15 206 0,292 0,292 Cross Plus Inc 17 213 1,515 1,515 Hisamitsu Pharmaceutical Co Inc 43 773 0,233 0,233 CSK Holdings Corp 19 059 0,092 0,092 Hitachi Cable Ltd 7 575 0,058 0,058 Culture Convenience Club Co Ltd 5 459 0,062 0,062 Hitachi Capital Corp 7 983 0,054 0,054 Dai Nippon Printing Co Ltd 37 495 0,053 0,053 Hitachi Chemical Co Ltd 140 799 0,396 0,396 Daicel Chemical Industries Ltd 17 763 0,111 0,111 Hitachi Construction Machinery Co Ltd 19 263 0,059 0,059 Daido Steel Co Ltd 8 879 0,049 0,049 Hitachi High-Technologies Corp 102 756 0,403 0,403 Daiei Inc/The 46 036 0,277 0,556 Hitachi Information Systems Ltd 19 201 0,333 0,333 Daifuku Co Ltd 41 852 0,373 0,373 Hitachi Koki Co Ltd 706 0,007 0,007 Daihatsu Motor Co Ltd 110 704 0,413 0,413 Hitachi Ltd 142 962 0,109 0,109 Daihen Corp 25 980 0,618 0,618 Hitachi Maxell Ltd 4 814 0,052 0,052 Daiichi Sankyo Co Ltd 669 147 0,468 0,468 Hitachi Metals Ltd 5 265 0,022 0,022 Dai-ichi Seiko Co Ltd 36 143 1,108 1,108 Hitachi Software Engineering Co Ltd 14 961 0,208 0,208 Daiken Corp 18 895 0,611 0,611 Hitachi Systems & Services Ltd 1 299 0,040 0,040 Daikin Industries Ltd 58 699 0,103 0,103 Hokkaido Electric Power Co Inc 40 336 0,118 0,118 Daikyo Inc 638 0,006 0,006 Hokkoku Bank Ltd/The 8 502 0,099 0,099 Daimaru Inc 210 378 0,922 0,922 Hokuhoku Financial Group Inc 52 357 0,165 0,165 Daimei Telecom Engineering Corp 34 739 1,168 1,168 Hokuriku Electric Power Co 21 898 0,070 0,070 Dainippon Ink and Chemicals Inc 227 335 1,183 1,183 Honda Motor Co Ltd 729 413 0,162 0,162 Dainippon Screen Manufacturing Co Ltd 15 808 0,111 0,111 Honeys Co Ltd 241 625 3,750 3,750 Dainippon Sumitomo Pharma Co Ltd 14 030 0,049 0,049 Horiba Ltd 713 0,007 0,007 Daishi Bank Ltd/The 10 389 0,113 0,113 House Foods Corp 4 634 0,041 0,041 Daito Trust Construction Co Ltd 112 495 0,311 0,311 Hoya Corp 335 515 0,318 0,318 Daiwa House Industry Co Ltd 465 949 0,718 0,718 Hyakugo Bank Ltd/The 10 724 0,105 0,105

N o rg es Ba n k In v est men t M a na g emen t A n n u a l R e por t 2006 17 Government Pension Fund – Global Holding of equities at 31 December 2006 Government Pension Fund – Global Holding of equities at 31 December 2006

Asia/Oceania Ownership stake (per cent) Voting (per cent) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Market value (NOK 1000)

Hyakujushi Bank Ltd/The 13 028 0,109 0,109 Mac House Co Ltd 21 164 1,416 1,416 Ibiden Co Ltd 50 728 0,108 0,108 Macnica Inc 26 753 0,762 0,762 Icom Inc 23 314 0,910 0,910 Makita Corp 30 402 0,111 0,111 Inpex Holdings Inc 195 731 0,162 0,162 Mani Inc 12 554 0,469 0,469 Isetan Co Ltd 24 772 0,098 0,098 Marubeni Corp 62 134 0,119 0,119 Ishikawajima-Harima Heavy Industries Co Ltd 22 583 0,082 0,082 Marui Co Ltd 25 579 0,096 0,096 Isuzu Motors Ltd 33 007 0,069 0,069 Maruichi Steel Tube Ltd 6 933 0,041 0,041 Ito En Ltd 9 529 0,055 0,055 Matsuda Sangyo Co Ltd 14 144 0,449 0,449 Itochu Corp 93 507 0,116 0,116 Matsui Construction Co Ltd 7 514 0,994 0,994 Itochu Techno-Solutions Corp 58 116 0,257 0,257 Matsui Securities Co Ltd 6 851 0,054 0,054 Iyo Bank Ltd/The 20 678 0,109 0,109 Matsumotokiyoshi Co Ltd 18 700 0,253 0,253 Izumi Co Ltd 8 175 0,060 0,060 Matsushita Electric Industrial Co Ltd 422 201 0,139 0,139 Jaccs Co Ltd 193 526 3,419 3,419 Matsushita Electric Works Ltd 22 853 0,042 0,042 Jafco Co Ltd 16 285 0,110 0,110 Mazda Motor Corp 45 159 0,075 0,075 Japan Airlines Corp 12 130 0,040 0,040 Mediceo Paltac Holdings Co Ltd 24 215 0,085 0,085 Japan Airport Terminal Co Ltd 155 053 2,110 2,110 Meiji Dairies Corp 12 632 0,078 0,078 Japan Asia Investment Co Ltd 145 844 3,500 3,500 Meiji Seika Kaisha Ltd 7 403 0,065 0,065 Japan Petroleum Exploration Co 192 231 0,909 0,909 Meitec Corp 10 545 0,152 0,152 Japan Securities Finance Co Ltd 45 194 0,602 0,602 Melco Holdings Inc 29 390 0,730 0,730 Japan Steel Works Ltd/The 19 050 0,106 0,106 Micronics Japan Co Ltd 8 737 0,190 0,190 Japan Tobacco Inc 1 423 918 0,474 0,474 Millea Holdings Inc 188 215 0,102 0,102 Japan Wind Development Co Ltd 3 083 0,241 0,241 Minebea Co Ltd 296 286 1,707 1,707 JFE Holdings Inc 354 334 0,188 0,188 Misawa Homes Holdings Inc 198 716 3,345 3,345 JGC Corp 315 898 1,141 1,141 MISUMI Group Inc 206 290 1,980 1,980 Joint Corp 646 0,006 0,006 Mitsubishi Chemical Holdings Corp 70 275 0,099 0,099 Joyo Bank Ltd/The 35 537 0,124 0,124 Mitsubishi Corp 229 993 0,116 0,116 JS Group Corp 182 526 0,445 0,445 Mitsubishi Electric Corp 217 570 0,179 0,179 JSAT Corp 1 221 0,023 0,023 Mitsubishi Estate Co Ltd 790 554 0,355 0,355 JSR Corp 101 695 0,247 0,247 Mitsubishi Gas Chemical Co Inc 34 356 0,109 0,109 JTEKT Corp 61 841 0,147 0,147 Mitsubishi Heavy Industries Ltd 330 036 0,346 0,346 Jupiter Telecommunications Co 82 269 0,257 0,257 Mitsubishi Logistics Corp 22 154 0,130 0,130 Juroku Bank Ltd/The 14 123 0,112 0,112 Mitsubishi Materials Corp 14 455 0,052 0,052 kabu.com Securities Co Ltd 1 796 0,020 0,020 Mitsubishi Motors Corp 57 876 0,102 0,102 Kagoshima Bank Ltd/The 10 033 0,106 0,106 Mitsubishi Rayon Co Ltd 26 528 0,106 0,106 Kajima Corp 31 646 0,110 0,110 Mitsubishi UFJ Financial Group Inc 2 688 633 0,325 0,325 Kakiyasu Honten Co Ltd 16 321 1,569 1,569 Mitsubishi UFJ Securities Co 58 234 0,116 0,116 Kamigumi Co Ltd 16 999 0,122 0,122 Mitsui & Co Ltd 667 931 0,416 0,416 Kandenko Co Ltd 5 062 0,068 0,068 Mitsui Chemicals Inc 41 430 0,109 0,109 Kaneka Corp 15 705 0,078 0,078 Mitsui Engineering & Shipbuilding Co Ltd 18 678 0,111 0,111 Kanematsu Electronics Ltd 5 604 0,462 0,462 Mitsui Fudosan Co Ltd 648 781 0,485 0,485 Kansai Electric Power Co Inc/The 183 166 0,113 0,113 Mitsui Mining & Smelting Co Ltd 12 069 0,068 0,068 Kansai Paint Co Ltd 47 058 0,351 0,351 Mitsui OSK Lines Ltd 124 832 0,169 0,169 Kansai Urban Banking Corp 6 350 0,051 0,051 Mitsui Sumitomo Insurance Co Ltd 310 666 0,302 0,302 Kao Corp 236 050 0,256 0,126 Mitsui Trust Holdings Inc 93 034 0,144 0,144 Katokichi Co Ltd 5 612 0,068 0,068 Mitsui-Soko Co Ltd 50 117 0,997 0,997 Kawasaki Heavy Industries Ltd 40 741 0,112 0,112 Mitsukoshi Ltd 56 698 0,378 0,378 Kawasaki Kisen Kaisha Ltd 209 637 0,726 0,726 Mitsumi Electric Co Ltd 2 122 0,021 0,021 KDDI Corp 171 165 0,092 0,092 Mizuho Financial Group Inc 2 217 162 0,420 0,420 Keihan Electric Railway Co Ltd 21 767 0,141 0,141 Mizuho Investors Securities Co Ltd 5 490 0,038 0,038 Keihanshin Real Estate Co Ltd 17 156 0,941 0,941 Mizuho Trust & Banking Co Ltd 28 851 0,042 0,042 Keihin Corp 720 0,006 0,006 Mochida Pharmaceutical Co Ltd 5 102 0,070 0,070 Keihin Electric Express Railway Co Ltd 23 362 0,103 0,103 Monex Beans Holdings Inc 7 410 0,065 0,065 Keio Corp 27 262 0,105 0,105 Mori Seiki Co Ltd 15 054 0,112 0,112 Keisei Electric Railway Co Ltd 13 018 0,107 0,107 Murata Manufacturing Co Ltd 134 592 0,142 0,142 Keiyo Bank Ltd/The 6 273 0,063 0,063 Musashino Bank Ltd/The 10 648 0,103 0,103 Kenedix Inc 28 061 0,351 0,351 Nabtesco Corp 40 436 0,408 0,408 Keyence Corp 465 914 0,602 0,602 Nafco Co Ltd 8 057 0,168 0,168 Kikkoman Corp 7 734 0,052 0,052 Nagase & Co Ltd 667 0,007 0,007 Kinden Corp 13 145 0,098 0,098 Nagoya Railroad Co Ltd 17 239 0,106 0,106 Kintetsu Corp 33 546 0,108 0,108 Nakanishi Inc 36 620 0,687 0,687 Kintetsu World Express Inc 46 890 0,863 0,863 Namco Bandai Holdings Inc 29 407 0,124 0,124 Kirin Brewery Co Ltd 56 216 0,058 0,058 Nanto Bank Ltd/The 12 243 0,137 0,137 Kissei Pharmaceutical Co Ltd 31 455 0,525 0,525 NEC Corp 166 111 0,275 0,275 KK DaVinci Advisors 666 0,007 0,007 NEC Electronics Corp 4 219 0,019 0,019 Kobayashi Pharmaceutical Co Ltd 73 686 0,747 0,747 NEC Tokin Corp 44 841 0,980 0,980 Kobe Steel Ltd 35 818 0,054 0,054 NET One Systems Co Ltd 5 497 0,121 0,121 Koei Co Ltd 3 675 0,051 0,051 NGK Insulators Ltd 120 976 0,353 0,353 Koito Manufacturing Co Ltd 241 912 1,606 1,606 NGK Spark Plug Co Ltd 20 718 0,077 0,077 Kokuyo Co Ltd 10 075 0,080 0,080 NHK Spring Co Ltd 58 317 0,366 0,366 Komatsu Electronic Metals Co Ltd 366 559 3,759 3,759 Nichias Corp 13 193 0,227 0,227 Komatsu Ltd 179 776 0,143 0,143 Nichicon Corp 32 698 0,549 0,549 Komehyo Co Ltd 6 702 1,266 1,266 Nichirei Corp 6 831 0,063 0,063 Komeri Co Ltd 9 165 0,093 0,093 Nidec Corp 264 399 0,380 0,380 Konami Corp 27 596 0,102 0,102 Nidec Sankyo Corp 128 246 1,202 1,202 Konica Minolta Holdings Inc 88 185 0,189 0,189 Nihon Inter Electronics Corp 32 567 2,741 2,741 Kose Corp 74 512 0,654 0,654 Nihon Trim Co Ltd 16 868 1,284 1,285 Kubota Corp 50 363 0,067 0,067 Nikko Cordial Corp 165 481 0,238 0,238 Kuraray Co Ltd 38 398 0,137 0,137 Nikon Corp 230 758 0,455 0,455 Kurita Water Industries Ltd 17 999 0,101 0,101 Nintendo Co Ltd 1 186 436 0,519 0,519 Kuroda Electric Co Ltd 19 815 1,066 1,066 Nippon Carbon Co Ltd 74 613 2,755 2,755 Kyocera Corp 167 725 0,150 0,150 Nippon Concrete Industries Co Ltd 1 379 0,162 0,162 Kyokuyo Co Ltd 5 886 0,409 0,409 Nippon Electric Glass Co Ltd 88 000 0,211 0,211 Kyoritsu Maintenance Co Ltd 5 312 0,243 0,243 Nippon Express Co Ltd 45 258 0,125 0,125 Kyowa Hakko Kogyo Co Ltd 18 104 0,078 0,078 Nippon Kayaku Co Ltd 7 397 0,082 0,082 Kyushu Electric Power Co Inc 87 356 0,112 0,112 Nippon Light Metal Co Ltd 6 152 0,071 0,071 Lawson Inc 19 041 0,082 0,082 Nippon Meat Packers Inc 24 863 0,160 0,160 Leopalace21 Corp 321 915 1,016 1,016 Nippon Mining Holdings Inc 53 904 0,130 0,130 Lintec Corp 80 849 0,862 0,862 Nippon Oil Corp 79 010 0,130 0,130 Lion Corp 5 514 0,056 0,056 Nippon Paint Co Ltd 9 440 0,109 0,109 Mabuchi Motor Co Ltd 16 611 0,095 0,095 Nippon Paper Group Inc 15 110 0,058 0,058

18 Government Pension Fund – Global Holding of equities at 31 December 2006

Asia/Oceania Ownership stake (per cent) Voting (per cent) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Market value (NOK 1000)

Nippon Sheet Glass Co Ltd 21 203 0,119 0,119 Round One Corp 103 500 0,890 0,890 Nippon Shokubai Co Ltd 14 853 0,115 0,115 Ryohin Keikaku Co Ltd 384 304 2,875 2,875 Nippon Steel Corp 151 629 0,062 0,062 Ryoshoku Ltd 26 048 0,453 0,453 Nippon Suisan Kaisha Ltd 694 0,007 0,007 Sagami Railway Co Ltd 7 487 0,084 0,084 Nippon Synthetic Chemical Industry Co Ltd/The 30 599 1,362 1,362 San-A Co Ltd 13 913 0,444 0,444 Nippon Telegraph & Telephone Corp 279 298 0,058 0,034 San-In Godo Bank Ltd/The 11 270 0,112 0,112 Nippon Television Network Corp 4 716 0,020 0,020 Sankei Building Co Ltd 24 309 0,650 0,650 Nippon Yusen KK 66 092 0,118 0,118 Sanken Electric Co Ltd 14 508 0,151 0,151 Nipponkoa Insurance Co Ltd 68 669 0,163 0,163 Sankyo Co Ltd 23 325 0,069 0,069 Nipro Corp 3 759 0,052 0,052 Sankyu Inc 624 0,006 0,006 Nis Group Co Ltd 8 438 0,102 0,102 Santen Pharmaceutical Co Ltd 14 774 0,097 0,097 Nishimatsu Construction Co Ltd 6 170 0,108 0,108 Sanwa Shutter Corp 625 0,006 0,006 Nishimatsuya Chain Co Ltd 69 073 0,847 0,847 Sanyo Electric Co Ltd 17 350 0,117 0,117 Nishi-Nippon City Bank Ltd/The 159 910 0,750 0,750 Sanyo Shinpan Finance Co Ltd 4 316 0,073 0,073 Nishi-Nippon Railroad Co Ltd 9 681 0,106 0,106 Sapporo Hokuyo Holdings Inc 27 102 0,113 0,113 Nishio Rent All Co Ltd 31 650 1,047 1,047 Sapporo Holdings Ltd 6 342 0,049 0,049 Nissan Chemical Industries Ltd 19 566 0,135 0,135 Sasakura Engineering Co Ltd 14 663 1,303 1,303 Nissan Motor Co Ltd 661 170 0,195 0,195 Sato Corp 87 895 2,485 2,485 Nissay Dowa General Insurance Co Ltd 36 540 0,244 0,244 SBI E*trade Securities Co Ltd 7 948 0,042 0,042 Nisshin Seifun Group Inc 10 139 0,062 0,062 SBI Holdings Inc 41 359 0,160 0,160 Nisshin Steel Co Ltd 12 726 0,055 0,055 Secom Co Ltd 87 011 0,116 0,116 Nisshinbo Industries Inc 14 432 0,111 0,111 Secom Techno Service Co Ltd 10 096 0,308 0,308 Nissin Food Products Co Ltd 156 078 0,531 0,531 Sega Sammy Holdings Inc 55 301 0,116 0,116 Nissin Kogyo Co Ltd 688 0,007 0,007 Seiko Epson Corp 29 227 0,098 0,098 Nitori Co Ltd 7 807 0,051 0,051 Seino Holdings Corp 13 495 0,111 0,111 Nitto Denko Corp 89 158 0,165 0,165 Seiyu Ltd/The 2 680 0,041 0,041 NOK Corp 22 980 0,109 0,109 Sekisui Chemical Co Ltd 29 604 0,111 0,111 Nomura Holdings Inc 638 393 0,277 0,277 Sekisui House Ltd 147 403 0,229 0,215 Nomura Research Institute Ltd 43 582 0,107 0,107 Seven & I Holdings Co Ltd 191 719 0,102 0,102 NS Solutions Corp 5 357 0,058 0,058 SFCG Co Ltd 10 048 0,085 0,085 NSK Ltd 35 936 0,106 0,106 Sharp Corp 114 736 0,096 0,096 NTN Corp 27 958 0,108 0,108 Shiga Bank Ltd/The 10 851 0,106 0,106 NTT Data Corp 49 892 0,057 0,057 Shikoku Bank Ltd/The 4 947 0,096 0,096 NTT DoCoMo Inc 148 153 0,032 0,032 Shikoku Electric Power Co Inc 28 006 0,075 0,075 NTT Urban Development Corp 118 021 0,298 0,298 Shima Seiki Manufacturing Ltd 19 370 0,366 0,366 Obayashi Corp 30 455 0,105 0,105 Shimachu Co Ltd 43 789 0,473 0,473 OBIC Business Consultants Ltd 3 049 0,035 0,035 Shimadzu Corp 15 951 0,098 0,098 Obic Co Ltd 40 052 0,312 0,312 Shimamura Co Ltd 15 643 0,060 0,060 Odakyu Electric Railway Co Ltd 28 153 0,096 0,096 Shimano Inc 120 822 0,687 0,687 Oenon Holdings Inc 16 552 1,229 1,229 Shimizu Corp 28 762 0,117 0,117 Ogaki Kyoritsu Bank Ltd/The 8 661 0,107 0,107 Shin-Etsu Chemical Co Ltd 576 566 0,320 0,320 Oiles Corp 25 809 0,683 0,683 Shinko Electric Industries 18 867 0,086 0,086 OJI Paper Co Ltd 16 628 0,047 0,047 Shinko Securities Co Ltd 28 897 0,148 0,148 Okamura Corp 19 312 0,259 0,259 Shinsei Bank Ltd 76 863 0,143 0,143 Okasan Holdings Inc 5 654 0,068 0,068 Shionogi & Co Ltd 457 090 1,065 1,065 Oki Electric Industry Co Ltd 9 901 0,104 0,104 Shiseido Co Ltd 119 608 0,209 0,209 OKUMA Corp 721 0,006 0,006 Shizuoka Bank Ltd/The 44 381 0,100 0,100 Okura Industrial Co Ltd 11 666 0,762 0,762 Shoei Co Ltd 260 247 4,043 4,043 Olympus Corp 60 386 0,114 0,114 Showa Denko KK 29 359 0,105 0,105 OMC Card Inc 96 388 0,927 0,927 Showa Shell Sekiyu KK 12 180 0,046 0,046 Omron Corp 152 025 0,346 0,346 SKY Perfect Communications Inc 107 367 1,243 1,243 Ono Pharmaceutical Co Ltd 33 005 0,082 0,082 SMC Corp/Japan 306 583 0,484 0,484 Onoken Co Ltd 7 345 0,508 0,508 Sodick Co Ltd 11 391 0,374 0,374 Onward Kashiyama Co Ltd 11 589 0,084 0,084 Softbank Corp 405 750 0,318 0,318 Optoelectronics Co Ltd 9 517 1,387 1,387 Sohgo Security Services Co Ltd 9 198 0,072 0,072 Oracle Corp Japan 7 342 0,020 0,020 Sompo Japan Insurance Inc 106 748 0,142 0,142 Orient Corp 8 297 0,082 0,082 Sony Corp 877 666 0,329 0,164 Oriental Land Co Ltd 17 698 0,054 0,054 Square Enix Co Ltd 8 657 0,048 0,048 Origin Electric Co Ltd 45 881 3,224 3,224 Stanley Electric Co Ltd 610 980 2,604 2,604 ORIX Corp 942 292 0,578 0,578 Studio Alice Co Ltd 17 158 1,376 1,376 Osaka Gas Co Ltd 56 287 0,109 0,109 Sugi Pharmacy Co Ltd 7 955 0,116 0,116 Osaka Securities Exchange Co Ltd 306 047 3,640 3,640 Sumco Corp 409 818 0,616 0,616 Osaka Securities Finance Co Ltd 10 212 1,128 1,128 Sumisho Computer Systems Corp 44 512 0,576 0,576 Otsuka Corp 29 970 0,150 0,150 Sumitomo Bakelite Co Ltd 12 046 0,105 0,105 Otsuka Kagu Ltd 19 021 0,463 0,463 Sumitomo Chemical Co Ltd 264 221 0,331 0,331 Pacific Golf Group International Holdings KK (572) -0,006 0,000 Sumitomo Corp 236 657 0,203 0,203 Pacific Management Corp 559 0,007 0,007 Sumitomo Electric Industries Ltd 130 531 0,177 0,177 Pacific Metals Co Ltd 732 0,006 0,006 Sumitomo Forestry Co Ltd 90 903 0,760 0,760 PanaHome Corp 4 393 0,060 0,060 Sumitomo Heavy Industries Ltd 42 261 0,107 0,107 Parco Co Ltd 173 933 2,970 2,970 Sumitomo Metal Industries Ltd 225 484 0,174 0,174 Park24 Co Ltd 10 551 0,090 0,090 Sumitomo Metal Mining Co Ltd 86 047 0,188 0,188 Pegasus Sewing Machine Manufacturing Co Ltd 10 007 1,081 1,081 Sumitomo Mitsui Financial Group Inc 2 880 996 0,584 0,584 Pentax Corp 187 566 3,748 3,748 Sumitomo Osaka Cement Co Ltd 10 304 0,119 0,119 Pigeon Corp 26 791 1,213 1,213 Sumitomo Real Estate Sales Co Ltd 9 335 0,069 0,069 Pioneer Corp 18 972 0,123 0,123 Sumitomo Realty & Development Co Ltd 173 603 0,183 0,183 Plenus Co Ltd 2 653 0,046 0,046 Sumitomo Rubber Industries Inc 15 846 0,075 0,075 Point Inc 123 704 1,165 1,165 Sumitomo Titanium Corp 6 051 0,024 0,024 Promise Co Ltd 29 765 0,114 0,114 Sumitomo Trust & Banking Co Ltd/The 468 360 0,429 0,429 QP Corp 5 296 0,063 0,063 Sumitomo Warehouse Co Ltd/The 197 881 2,155 2,155 Rakuten Inc (580) -0,002 0,000 Suncity Co Ltd 21 441 1,100 1,099 Renown Inc 14 502 0,493 0,493 Sundrug Co Ltd 112 548 1,217 1,217 Resona Holdings Inc 313 907 0,162 0,162 Suruga Bank Ltd 20 873 0,102 0,102 Resort Solution Co Ltd 17 989 1,351 1,351 Suzuken Co Ltd 13 273 0,060 0,060 Resorttrust Inc 24 923 0,356 0,356 Suzuki Motor Corp 820 212 0,861 0,861 Ricoh Co Ltd 251 056 0,265 0,265 Sysmex Corp 84 545 0,688 0,688 Right On Co Ltd 14 743 0,207 0,207 T&D Holdings Inc 467 387 0,461 0,461 Rinnai Corp 11 366 0,113 0,113 Tadano Ltd 40 418 0,426 0,426 Riso Kagaku Corp 30 998 0,902 0,911 Taiheiyo Cement Corp 23 046 0,100 0,100 Rohm Co Ltd 103 040 0,140 0,140 Taikisha Ltd 27 514 0,984 0,984 Rorze Corp 5 434 0,907 0,907 Taisei Corp 21 650 0,107 0,107

N o rg es Ba n k In v est men t M a na g emen t A n n u a l R e por t 2006 19 Government Pension Fund – Global Holding of equities at 31 December 2006 Government Pension Fund – Global Holding of equities at 31 December 2006

Asia/Oceania Ownership stake (per cent) Voting (per cent) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Market value (NOK 1000)

Taisho Pharmaceutical Co Ltd 29 751 0,082 0,082 West Japan Railway Co 78 383 0,147 0,147 Taiyo Nippon Sanso Corp 22 438 0,099 0,099 Wowow Inc 7 701 0,302 0,303 Taiyo Yuden Co Ltd 23 044 0,174 0,174 Y A C Co Ltd 11 245 0,827 0,827 Takara Holdings Inc 4 970 0,057 0,057 Yachiyo Industry Co Ltd 52 268 1,535 1,535 Takashimaya Co Ltd 27 994 0,097 0,097 Yahoo! Japan Corp 153 099 0,102 0,102 Take And Give Needs Co Ltd 111 527 3,148 3,147 Yakult Honsha Co Ltd 26 449 0,084 0,084 Takeda Pharmaceutical Co Ltd 646 993 0,170 0,170 Yamada Denki Co Ltd 370 892 0,743 0,743 Takefuji Corp 272 474 0,752 0,752 Yamaguchi Financial Group Inc 17 723 0,109 0,109 Tamron Co Ltd 22 166 0,595 0,595 Yamaha Corp 30 063 0,111 0,111 Tanabe Seiyaku Co Ltd 18 282 0,084 0,084 Yamaha Motor Co Ltd 45 223 0,081 0,081 TDK Corp 70 488 0,107 0,107 Yamatake Corp 24 408 0,240 0,240 Teijin Ltd 37 210 0,105 0,105 Yamato Holdings Co Ltd 91 106 0,208 0,208 Telepark Corp 64 979 1,628 1,629 Yamato Kogyo Co Ltd 865 0,008 0,008 Tempstaff Co Ltd 29 839 0,553 0,553 Yamazaki Baking Co Ltd 6 573 0,049 0,049 Teraoka Seisakusho Co Ltd 17 861 1,740 1,740 Yaskawa Electric Corp 128 760 0,768 0,768 Terumo Corp 39 945 0,077 0,077 Yokogawa Electric Corp 29 393 0,111 0,111 THK Co Ltd 418 745 1,964 1,964 Yokohama Rubber Co Ltd/The 14 257 0,111 0,111 TIS Inc 6 384 0,096 0,096 Yoshimoto Kogyo Co Ltd 80 997 2,370 2,370 Toa Corp/Hyogo 23 730 1,460 1,460 Yoshinoya D&C Co Ltd 4 855 0,074 0,074 Tobu Railway Co Ltd 26 507 0,103 0,103 Yushin Precision Equipment Co Ltd 21 044 1,100 1,100 TOC Co Ltd 61 122 1,424 1,424 Zakkaya Bulldog Co Ltd 34 068 2,615 2,615 Tocalo Co Ltd 14 491 0,396 0,396 Zenrin Co Ltd 48 237 0,690 0,690 Toda Corp 9 706 0,114 0,114 Zensho Co Ltd 32 307 0,397 0,397 Toho Co Ltd/Tokyo 14 481 0,068 0,068 Zeon Corp 16 433 0,101 0,101 Toho Gas Co Ltd 60 873 0,351 0,351 Toho Real Estate Co Ltd 33 652 1,652 1,652 Kazakhstan Toho Titanium Co Ltd 3 527 0,018 0,018 Halyk Savings Bank Kazakhstan 13 698 0,043 0,043 Tohoku Electric Power Co Inc 85 029 0,109 0,109 Tohokushinsha Film Corp 22 807 0,885 0,885 Korea, Republic of Tokai Carbon Co Ltd 27 850 0,304 0,304 Ace Digitech Co Ltd 53 611 2,603 2,603 Tokai Rika Co Ltd 65 248 0,437 0,437 Amorepacific Corp 57 093 0,252 0,252 Tokai Rubber Industries Inc 5 492 0,050 0,050 CDNetworks Co Ltd 22 308 1,087 1,087 Tokuyama Corp 26 358 0,101 0,101 Cheil Industries Inc 9 082 0,069 0,069 Tokyo Broadcasting System Inc 2 946 0,007 0,007 CJ Corp 1 0,000 0,000 Tokyo Electric Power Co Inc/The 179 490 0,066 0,066 Daeduck Electronics Co 759 0,033 0,033 Tokyo Electron Ltd 651 213 0,736 0,736 Daegu Bank 6 066 0,043 0,043 Tokyo Gas Co Ltd 273 705 0,294 0,294 Daelim Industrial Co 104 516 0,590 0,590 Tokyo Ohka Kogyo Co Ltd 763 0,009 0,009 Daewoo Engineering & Construction Co Ltd 80 869 0,186 0,186 Tokyo Seimitsu Co Ltd 11 394 0,097 0,097 Daewoo International Corp 7 997 0,032 0,032 Tokyo Star Bank Ltd/The 30 990 0,236 0,236 Daewoo Securities Co Ltd 5 083 0,021 0,021 Tokyo Steel Manufacturing Co Ltd 9 497 0,063 0,063 Daewoo Shipbuilding & Marine Engineering Co Ltd 10 985 0,029 0,029 Tokyo Style Co Ltd 5 246 0,076 0,076 Daishin Securities Co Ltd 3 569 0,045 0,029 Tokyo Tatemono Co Ltd 52 868 0,240 0,240 Daum Commerce Co Ltd 742 0,199 0,199 Tokyo Tatemono Real Estate Sales Co Ltd 19 443 1,081 1,081 Daum Communications Corp 2 061 0,043 0,043 Tokyo Tekko Co Ltd 27 042 1,068 1,068 DongbuElectronics Co Ltd 926 0,024 0,024 Tokyu Construction Co Ltd 3 717 0,084 0,084 Dongkuk Steel Mill Co Ltd 39 0,000 0,000 Tokyu Corp 174 064 0,368 0,368 Doosan Heavy Industries and Construction Co Ltd 138 140 0,447 0,447 Tokyu Land Corp 54 818 0,175 0,175 Doosan Infracore Co Ltd 218 898 0,924 0,924 Tokyu Store Chain Co Ltd 8 797 0,372 0,372 Glovis Co Ltd 623 0,009 0,009 Toli Corp 16 430 1,513 1,513 GS Engineering & Construction Corp 5 979 0,021 0,021 TonenGeneral Sekiyu KK 30 249 0,084 0,084 GS Holdings Corp 123 254 0,658 0,658 Topcon Corp 43 056 0,376 0,376 Halla Climate Control 1 143 0,013 0,013 Toppan Forms Co Ltd 5 092 0,051 0,051 Hana Financial Group Inc 1 138 247 1,641 1,641 Toppan Printing Co Ltd 160 323 0,334 0,256 Hana Tour Service Inc 125 291 2,272 2,272 Topre Corp 26 342 0,793 0,793 Hanarotelecom Inc 80 403 0,645 0,645 Toray Industries Inc 197 025 0,302 0,302 Hanjin Shipping Co Ltd 2 508 0,020 0,020 Corp 399 720 0,307 0,307 Hankook Tire Co Ltd 5 285 0,033 0,033 Toshiba Machine Co Ltd (629) -0,007 0,000 Hanmi Pharm Co Ltd 99 479 1,279 1,279 Toshiba TEC Corp 6 118 0,066 0,066 Hanwha Chem Corp 1 955 0,024 0,024 Toshin Group Co Ltd 19 376 0,789 0,789 Hanwha Corp 35 688 0,203 0,203 Tosoh Corp 17 481 0,106 0,106 Hite Brewery Co Ltd 59 059 0,385 0,385 TOTO Ltd 26 092 0,113 0,113 Honam Petrochemical Corp 3 197 0,022 0,022 Towa Corp 7 431 0,799 0,799 Hynix Semiconductor Inc 415 396 0,371 0,185 Toyo Seikan Kaisha Ltd 20 154 0,090 0,090 Hyosung Corp 2 746 0,043 0,043 Toyo Suisan Kaisha Ltd 6 876 0,062 0,062 Hyundai Autonet Co Ltd 2 851 0,020 0,020 Toyobo Co Ltd 9 605 0,073 0,073 Hyundai Department Store Co Ltd 5 442 0,043 0,043 Toyoda Gosei Co Ltd 12 611 0,067 0,067 Hyundai Development Co 19 589 0,068 0,068 Toyota Auto Body Co Ltd 4 180 0,032 0,032 Hyundai Engineering & Construction Co Ltd 315 115 0,746 0,746 Toyota Boshoku Corp 14 761 0,058 0,058 Hyundai Heavy Industries 305 805 0,477 0,477 Toyota Industries Corp 54 659 0,059 0,059 Hyundai Hysco 223 0,004 0,004 Toyota Motor Corp 3 135 323 0,209 0,209 Hyundai Merchant Marine Co Ltd 6 104 0,034 0,026 Toyota Tsusho Corp 17 834 0,030 0,030 Hyundai Mipo Dockyard 141 869 0,890 0,890 Trend Micro Inc 344 395 1,375 1,375 Hyundai Mobis 15 931 0,032 0,032 Trusco Nakayama Corp 26 513 0,633 0,633 Hyundai Motor Co 449 902 0,454 0,454 Tsumura & Co 70 019 0,681 0,681 Hyundai Securities Co 63 663 0,546 0,546 TV Asahi Corp 384 0,003 0,003 Hyundai Steel Co 35 175 0,183 0,183 Ube Industries Ltd/Japan 67 336 0,373 0,373 Hyunjin Materials Co Ltd 18 277 1,053 1,053 UFJ Nicos Co Ltd 25 344 0,117 0,117 IHQ Inc 32 298 1,857 1,857 Ulvac Inc 9 762 0,107 0,107 Industrial Bank Of Korea 6 019 0,013 0,013 UMC Japan 6 870 0,515 0,515 Infraware Inc 20 236 1,689 1,689 Uni-Charm Corp 35 392 0,139 0,139 Kangwon Land Inc 5 720 0,020 0,020 United Arrows Ltd 37 659 0,721 0,721 KCC Corp 2 915 0,014 0,014 UNY Co Ltd 59 045 0,385 0,385 Kia Motors Corp 10 114 0,032 0,032 Urban Corp 106 290 0,497 0,497 Kookmin Bank 495 611 0,294 0,294 Usen Corp 17 560 0,233 0,233 Korea Electric Power Corp 392 668 0,216 0,154 Ushio Inc 56 637 0,317 0,317 Korea Exchange Bank 7 178 0,013 0,013 USS Co Ltd 31 373 0,238 0,238 Korea Gas Corp 35 660 0,167 0,167 Victor Co Of Japan Ltd 2 723 0,033 0,033 Korea Investment Holdings Co Ltd 4 591 0,028 0,028 Wacoal Holdings Corp 11 576 0,095 0,095 Korea Kumho Petrochemical 13 256 0,236 0,236 Watabe Wedding Corp 7 972 0,833 0,833 Korean Air Lines Co Ltd 2 246 0,013 0,013

20 Government Pension Fund – Global Holding of equities at 31 December 2006

Asia/Oceania Ownership stake (per cent) Voting (per cent) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Market value (NOK 1000)

Korean Reinsurance Co 144 375 1,517 1,517 Bank of the Philippine Islands 33 108 0,152 0,152 KT Corp 245 262 0,282 0,181 Jollibee Foods Corp 13 339 0,250 0,250 KT Freetel Co Ltd 2 018 0,005 0,005 KT&G Corp 1 400 0,003 0,003 Singapore LG Card Co Ltd 8 460 0,016 0,016 Allgreen Properties Ltd 9 152 0,108 0,129 LG Chem Ltd 6 012 0,032 0,032 Ascott Group Ltd/The 26 951 0,259 0,259 LG Corp 82 103 0,238 0,238 BIL International Ltd 12 619 0,133 0,135 LG Electronics Inc 50 754 0,095 0,095 CapitaCommercial Trust 28 857 0,196 0,196 LG Household & Health Care Ltd 212 403 1,645 1,645 CapitaLand Ltd 93 832 0,134 0,134 LG Petrochemical Co Ltd 2 338 0,033 0,033 CapitaMall Trust 36 632 0,199 0,199 LG Telecom Ltd 1 095 0,006 0,006 Cerebos Pacific Ltd 2 329 0,052 0,052 LG.Philips LCD Co Ltd 52 395 0,079 0,079 Chartered Semiconductor Manufacturing Ltd 14 087 0,107 0,107 Lotte Chilsung Beverage Co Ltd 403 0,003 0,003 City Developments Ltd 127 606 0,272 0,272 Lotte Midopa Co Ltd 1 054 0,015 0,015 ComfortDelgro Corp Ltd 54 711 0,404 0,404 Lotte Shopping Co Ltd 9 707 0,013 0,006 Cosco Corp Singapore Ltd 60 902 0,295 0,197 LS Cable Ltd 82 767 1,000 1,000 Creative Technology Ltd 7 103 0,201 0,201 NCSoft Corp 2 357 0,032 0,032 DBS Group Holdings Ltd 2 114 936 1,527 1,527 Neowiz Corp 75 331 2,094 2,094 Fortune Real Estate Investment Trust 7 263 0,191 0,191 NHN Corp 499 208 1,410 1,410 Fraser and Neave Ltd 39 896 0,186 0,186 Nong Shim Co Ltd 2 0,000 0,000 Global Testing Corp Ltd 6 258 0,625 0,625 Orion Corp 51 265 0,475 0,475 Haw Par Corp Ltd 10 328 0,173 0,173 Pacific Corp 1 184 0,013 0,013 Hong Leong Finance Ltd 37 313 0,551 0,551 POSCO 525 443 0,291 0,291 Hotel Properties Ltd 5 450 0,109 0,109 Pusan Bank 4 924 0,043 0,043 Jardine Cycle & Carriage Ltd 21 577 0,106 0,106 ReignCom Ltd 243 0,037 0,037 Keppel Corp Ltd 150 391 0,267 0,267 S1 Corp/Korea 3 567 0,032 0,032 Keppel Land Ltd 26 601 0,132 0,132 Samsung Corp 310 725 0,969 0,969 K-REIT Asia 1 846 0,075 0,075 Samsung Electro-Mechanics Co Ltd 188 666 0,870 0,870 MobileOne Ltd 33 268 0,385 0,385 Samsung Electronics Co Ltd 2 039 393 0,337 0,337 Neptune Orient Lines Ltd 9 469 0,075 0,077 Samsung Fine Chemicals Co Ltd 1 201 0,030 0,030 Noble Group Ltd 5 518 0,051 0,051 Samsung Fire & Marine Insurance Co Ltd 307 542 0,582 0,582 Oversea-Chinese Banking Corp 261 538 0,268 0,268 Samsung Heavy Industries Co Ltd 42 796 0,124 0,124 Pacific Century Regional Developments Ltd 2 565 0,059 0,059 Samsung SDI Co Ltd 88 309 0,450 0,450 Parkway Holdings Ltd 14 768 0,151 0,151 Samsung Securities Co Ltd 95 390 0,420 0,420 Peoples Food Holdings Ltd 5 123 0,089 0,089 Samsung Techwin Co Ltd 7 548 0,043 0,043 SembCorp Industries Ltd 36 487 0,132 0,132 Shinhan Financial Group Co Ltd 511 975 0,422 0,422 SembCorp Marine Ltd 40 718 0,202 0,202 Shinsegae Co Ltd 380 781 0,520 0,520 Singapore Airlines Ltd 119 356 0,136 0,136 Sindo Ricoh Co Ltd 534 0,014 0,014 Singapore Airport Terminal Services Ltd 22 725 0,213 0,213 SK Corp 331 440 0,527 0,527 Singapore Exchange Ltd 60 743 0,249 0,249 SK Telecom Co Ltd 178 891 0,148 0,148 Singapore Land Ltd 15 391 0,107 0,107 SKC Co Ltd 1 160 0,021 0,021 Singapore Post Ltd 27 199 0,321 0,321 S-Oil Corp 13 655 0,026 0,026 Singapore Press Holdings Ltd 57 789 0,210 0,210 Ssangyong Motor Co 2 033 0,048 0,048 Singapore Telecommunications Ltd 96 241 0,046 0,046 Taewoong Co Ltd 64 298 1,909 1,909 SMRT Corp Ltd 7 500 0,103 0,103 Technosemichem Co Ltd 25 014 1,284 1,284 StarHub Ltd 84 603 0,428 0,198 Woongjin Coway Co Ltd 8 611 0,067 0,067 STATS ChipPAC Ltd 18 815 0,198 0,198 Woori Finance Holdings Co Ltd 171 605 0,144 0,144 Straits Trading Co Ltd 21 305 0,460 0,460 Woori Investment & Securities Co Ltd 132 640 0,748 0,748 Total Access Communication PCL 5 071 0,040 0,040 Yuhan Corp 3 0,000 0,000 United Industrial Corp Ltd 23 244 0,199 0,199 United Overseas Bank Ltd 302 015 0,252 0,252 Malaysia UOL Group Ltd 18 482 0,132 0,132 Aeon Co M BHD 7 432 0,333 0,333 Venture Corp Ltd 66 462 0,445 0,445 AirAsia BHD 29 847 0,476 0,000 Verigy Ltd 430 0,007 0,007 Aminvestment Group BHD 0 0,000 0,000 Want Want Holdings Ltd 8 664 0,066 0,066 British American Tobacco Malaysia BHD 20 838 0,096 0,096 WBL Corp Ltd 36 524 0,957 0,957 Bursa Malaysia BHD 20 955 0,284 0,000 Wheelock Properties S Ltd 47 789 0,437 0,437 Guinness Anchor BHD 18 086 0,556 0,556 Wing Tai Holdings Ltd 13 398 0,201 0,201 Hong Leong Bank BHD 25 907 0,167 0,167 Yanlord Land Group Ltd 61 846 0,373 0,373 Malayan Banking BHD 73 117 0,091 0,091 Malaysian Oxygen BHD 22 025 0,704 0,704 Taiwan Maxis Communications BHD 66 011 0,146 0,146 Accton Technology Corp 6 201 0,276 0,276 POS Malaysia & Services Holdings BHD 35 720 0,782 0,782 Acer Inc 16 717 0,056 0,056 Public Bank BHD 42 078 0,088 0,044 Advanced Semiconductor Engineering Inc 9 026 0,028 0,028 Sime UEP Properties BHD 5 218 0,180 0,180 Advantech Co Ltd 9 368 0,090 0,090 Star Publications Malaysia BHD 20 441 0,516 0,516 Asia Cement Corp 35 825 0,239 0,239 Asia Optical Co Inc 3 574 0,055 0,055 New Zealand Asustek Computer Inc 44 217 0,076 0,076 Air New Zealand Ltd 4 419 0,053 0,053 AU Optronics Corp 7 583 0,012 0,012 Auckland International Airport Ltd 22 659 0,193 0,193 Benq Corp 2 552 0,029 0,029 Contact Energy Ltd 34 638 0,164 0,164 Capital Securities Corp 10 599 0,282 0,282 Fisher & Paykel Appliances Holdings Ltd 17 543 0,367 0,367 Catcher Technology Co Ltd 45 949 0,182 0,182 Fisher & Paykel Healthcare Corp 26 201 0,274 0,274 Cathay Financial Holding Co Ltd 56 737 0,045 0,045 Fletcher Building Ltd 73 956 0,312 0,325 Cathay Real Estate Development Co Ltd 14 523 0,196 0,196 Infratil Ltd 13 625 0,262 0,262 Chang Hwa Commercial Bank 40 928 0,196 0,196 Kiwi Income Property Trust 16 335 0,338 0,338 Cheng Shin Rubber Industry Co Ltd 9 822 0,131 0,131 Port of Tauranga Ltd 4 346 0,124 0,124 Cheng Uei Precision Industry Co Ltd 1 077 0,013 0,013 Sky City Entertainment Group Ltd 32 138 0,322 0,322 Chi Mei Optoelectronics Corp 6 637 0,018 0,018 Sky Network Television Ltd 15 978 0,143 0,143 Chicony Electronics Co Ltd 10 102 0,244 0,244 Telecom Corp of New Zealand Ltd 86 192 0,203 0,203 China Airlines 1 343 0,012 0,012 Tower Ltd 5 947 0,325 0,325 China Bills Finance Corp 5 773 0,200 0,200 Vector Ltd 10 298 0,093 0,093 China Development Financial Holding Corp 49 068 0,161 0,161 Warehouse Group Ltd 15 928 0,164 0,164 China Motor Corp 1 820 0,023 0,023 China Steel Corp 6 204 0,008 0,008 Papua New Guinea Chinatrust Financial Holding Co Ltd 16 165 0,039 0,039 Lihir Gold Ltd 390 031 1,984 1,984 Chunghwa Picture Tubes Ltd 554 0,005 0,005 Chunghwa Telecom Co Ltd 485 665 0,434 0,078 CMC Magnetics Corp 5 651 0,083 0,083 Compal Communications Inc 2 057 0,019 0,019 Philippines Compal Electronics Inc 11 846 0,056 0,056 Ayala Land Inc 42 541 0,203 0,203 Compeq Manufacturing Co 5 048 0,142 0,142

N o rg es Ba n k In v est men t M a na g emen t A n n u a l R e por t 2006 21 Government Pension Fund – Global Holding of equities at 31 December 2006 Government Pension Fund – Global Holding of equities at 31 December 2006

Asia/Oceania Ownership stake (per cent) Voting (per cent) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Market value (NOK 1000)

Coretronic Corp 3 323 0,062 0,062 Vanguard International Semiconductor Corp 3 319 0,043 0,043 Cosmos Bank Taiwan 3 839 0,089 0,089 Via Technologies Inc 521 0,005 0,005 Delta Electronics Inc 33 841 0,086 0,086 Walsin Lihwa Corp 3 353 0,031 0,031 D-Link Corp 6 933 0,127 0,127 Wan Hai Lines Ltd 1 589 0,020 0,020 E.Sun Financial Holding Co Ltd 28 432 0,199 0,199 Waterland Financial Holdings 9 443 0,217 0,217 Elitegroup Computer Systems 1 274 0,029 0,029 Winbond Electronics Corp 7 158 0,071 0,071 Eternal Chemical Co Ltd 13 288 0,194 0,194 Wintek Corp 9 797 0,163 0,163 Eva Airways Corp 24 481 0,252 0,252 Wistron Corp 7 937 0,068 0,068 Evergreen International Storage & Transport Corp 5 322 0,135 0,135 Ya Hsin Industrial Co Ltd 2 302 0,042 0,042 Evergreen Marine Corp Tawain Ltd 2 049 0,020 0,020 Yageo Corp 18 302 0,260 0,260 Far Eastern International Bank 5 002 0,089 0,089 Yang Ming Marine Transport Corp 1 697 0,021 0,021 Far Eastern Textile Co Ltd 45 158 0,191 0,191 Yieh Phui Enterprise 8 886 0,234 0,234 Far EasTone Telecommunications Co Ltd 49 821 0,182 0,182 Yuanta Core Pacific Securities Co 21 523 0,131 0,131 Faraday Technology Corp 9 580 0,200 0,200 Yuen Foong Yu Paper Manufacturing Co Ltd 10 038 0,238 0,238 Feng Hsin Iron & Steel Co 10 439 0,245 0,245 Yulon Motor Co Ltd 3 325 0,031 0,031 First Financial Holding Co Ltd 33 554 0,119 0,119 Zyxel Communications Corp 7 687 0,197 0,197 Formosa Chemicals & Fibre Corp 77 640 0,135 0,135 Formosa Petrochemical Corp 10 203 0,008 0,008 Thailand Formosa Plastics Corp 65 074 0,110 0,110 Advanced Info Service PCL 29 834 0,075 0,000 Formosa Taffeta Co Ltd 16 653 0,209 0,209 Bangkok Bank PCL 38 941 0,103 0,103 Foxconn Technology Co Ltd 19 926 0,041 0,041 Hana Microelectronics Pcl 37 510 0,943 0,943 Fu Sheng Industrial Co Ltd 16 812 0,366 0,366 Kasikornbank PCL 48 861 0,191 0,096 Fubon Financial Holding Co Ltd 28 007 0,062 0,062 Krung Thai Bank PCL 32 794 0,143 0,143 Fuhwa Financial Holdings Co Ltd 15 599 0,158 0,158 PTT Exploration & Production PCL 38 768 0,071 0,071 Giant Manufacturing Co Ltd 7 585 0,265 0,265 Regional Container Lines PCL 17 913 0,754 0,754 Gigabyte Technology Co Ltd 1 297 0,041 0,041 Siam Cement PCL 47 685 0,091 0,091 HannStar Display Corp 5 550 0,078 0,078 Siam Makro PCL 16 879 0,417 0,417 High Tech Computer Corp 4 481 0,008 0,008 Tisco Bank PCL 19 101 0,927 0,927 Hon Hai Precision Industry Co Ltd 358 190 0,162 0,162 Hotai Motor Co Ltd 2 989 0,038 0,038 United Arab Emirates (UAE) Hua Nan Financial Holdings Co Ltd 11 123 0,040 0,040 I-Mate PLC 9 596 0,422 0,422 Inventec Appliances Corp 5 529 0,073 0,073 Inventec Co Ltd 33 506 0,267 0,267 Jih Sun Financial Holdings Co Ltd 9 687 0,232 0,232 KGI Securities Co Ltd 16 068 0,281 0,281 Kinpo Electronics 8 137 0,236 0,236 Largan Precision Co Ltd 13 454 0,092 0,092 Lite-On IT Corp 3 488 0,079 0,079 Lite-On Technology Corp 12 144 0,050 0,050 Macronix International 20 889 0,266 0,266 Masterlink Securities Corp 9 393 0,267 0,267 MediaTek Inc 122 361 0,196 0,196 Mega Financial Holding Co Ltd 31 944 0,062 0,062 Micro-Star International Co Ltd 1 620 0,037 0,037 Mitac International 7 290 0,076 0,076 Nan Ya Plastics Corp 150 311 0,190 0,190 Nan Ya Printed Circuit Board Corp 6 019 0,023 0,023 Nanya Technology Corp 5 412 0,027 0,027 Nien Hsing Textile Co Ltd 5 091 0,226 0,226 Nien Made Enterprises 1 317 0,052 0,052 Novatek Microelectronics Corp Ltd 36 392 0,252 0,252 Optimax Technology Corp 209 0,009 0,009 Oriental Union Chemical Corp 2 844 0,089 0,089 Phoenixtec Power Co Ltd 8 711 0,269 0,269 Polaris Securities Co Ltd 6 809 0,110 0,110 POU Chen Corp 19 819 0,115 0,115 Powerchip Semiconductor Corp 5 370 0,019 0,019 President Chain Store Corp 12 467 0,091 0,091 President Securities Corp 7 331 0,192 0,192 ProMOS Technologies Inc 3 118 0,019 0,019 Quanta Computer Inc 755 0,002 0,002 Realtek Semiconductor Corp 23 345 0,260 0,260 Ritek Corp 1 589 0,038 0,038 Shin Kong Financial Holding Co Ltd 8 524 0,027 0,027 Silicon Integrated Systems Corp 2 283 0,042 0,042 Siliconware Precision Industries Co 2 220 0,008 0,008 SinoPac Financial Holdings Co Ltd 33 194 0,139 0,139 Sunplus Technology Co Ltd 2 536 0,033 0,033 Synnex Technology International Corp 7 588 0,094 0,094 Ta Chong Bank Co Ltd 22 049 0,574 0,574 Taishin Financial Holdings Co Ltd 6 869 0,035 0,035 Taiwan Business Bank 10 037 0,130 0,130 Taiwan Cement Corp 7 267 0,042 0,042 Taiwan Cooperative Bank 33 163 0,159 0,159 Taiwan Fertilizer Co Ltd 3 488 0,030 0,030 Taiwan Glass Industrial Corp 17 461 0,200 0,200 Taiwan Life Insurance Co Ltd 5 258 0,134 0,134 Taiwan Mobile Co Ltd 21 221 0,066 0,066 Taiwan Secom Co Ltd 10 255 0,205 0,205 Taiwan Semiconductor Manufacturing Co Ltd 241 634 0,073 0,073 Tatung Co Ltd 12 316 0,105 0,105 Teco Electric and Machinery Co Ltd 17 824 0,293 0,293 Ton Yi Industrial Corp 7 973 0,187 0,187 Tong Yang Industry Co Ltd 1 988 0,104 0,104 Transcend Information Inc 6 723 0,122 0,122 U-Ming Marine Transport Corp 5 209 0,071 0,071 Unimicron Technology Corp 3 447 0,040 0,040 Union Bank Of Taiwan 7 728 0,242 0,242 Uni-President Enterprises Corp 698 0,003 0,003 United Microelectronics Corp 55 630 0,075 0,075

22

Africa Ownership stake (per cent) Voting (per cent) Market value (NOK 1000)

Egypt Orascom Telecom Holding SAE 137 326 0,150 0,000

South Africa ABSA Group Ltd 93 042 0,125 0,125 Aeci Ltd 18 021 0,248 0,248 African Bank Investments Ltd 32 729 0,260 0,260 African Oxygen Ltd 11 300 0,124 0,124 African Rainbow Minerals Ltd 12 162 0,065 0,065 Alexander Forbes Ltd 16 747 0,257 0,257 Allan Gray Property Trust 13 563 0,253 0,253 Allied Technologies Ltd 5 378 0,093 0,093 Anglo Platinum Ltd 109 592 0,061 0,066 AngloGold Ashanti Ltd 710 958 0,886 0,124 ApexHi Properties Ltd 18 829 0,267 0,259 Aspen Pharmacare Holdings Ltd 12 957 0,117 0,117 Aveng Ltd 26 315 0,224 0,224 AVI Ltd 11 695 0,215 0,215 Barloworld Ltd 71 755 0,212 0,247 Bidvest Group Ltd 96 942 0,252 0,252 Caxton and CTP Publishers and Printers Ltd 5 324 0,076 0,076 Consol Ltd 13 245 0,250 0,250 Discovery Holdings Ltd 10 681 0,076 0,076 DRDGOLD Ltd 2 971 0,156 0,156 Edgars Consolidated Stores Ltd 49 255 0,253 0,253 Ellerine Holdings Ltd 21 621 0,254 0,254 Exxaro Resources Ltd 5 261 0,030 0,030 FirstRand Ltd 208 451 0,189 0,189 Foschini Ltd 31 202 0,256 0,256 Gold Fields Ltd 111 217 0,172 0,172 Gold Reef Resorts Ltd 3 921 0,098 0,098 Grindrod Ltd 8 967 0,139 0,139 Growthpoint Properties Ltd 22 674 0,220 0,220 Harmony Gold Mining Co Ltd 64 812 0,166 0,166 Highveld Steel and Vanadium Corp Ltd 3 244 0,048 0,048 Hyprop Investments Ltd 9 143 0,186 0,000 Illovo Sugar Ltd 5 904 0,097 0,097 Impala Platinum Holdings Ltd 264 267 0,293 0,293 Imperial Holdings Ltd 58 334 0,173 0,192 Investec Ltd 44 126 0,250 0,209 JD Group Ltd 32 379 0,258 0,258 Johnnic Communications Ltd 15 549 0,199 0,199 Kumba Iron Ore Ltd 15 351 0,050 0,000 Lewis Group Ltd 6 702 0,129 0,129 Liberty Group Ltd 25 812 0,126 0,126 Liberty Holdings Ltd 11 524 0,127 0,127 Massmart Holdings Ltd 31 882 0,256 0,256 Medi-Clinic Corp Ltd 8 159 0,093 0,093 Metropolitan Holdings Ltd 19 624 0,253 0,253 Mittal Steel South Africa Ltd 17 145 0,044 0,044 Mr Price Group Ltd 13 042 0,132 0,250 MTN Group Ltd 427 602 0,305 0,305 Murray & Roberts Holdings Ltd 26 352 0,224 0,224 Mvelaphanda Group Ltd 3 939 0,098 0,098 Mvelaphanda Resources Ltd 7 675 0,133 0,133 Nampak Ltd 32 496 0,259 0,259 Naspers Ltd 205 760 0,437 0,437 Nedbank Group Ltd 66 672 0,125 0,125 Network Healthcare Holdings Ltd 37 917 0,170 0,170 New Clicks Holdings Ltd 8 590 0,248 0,248 Northam Platinum Ltd 13 741 0,128 0,128 Pickn Pay Holdings Ltd 7 003 0,106 0,106 Pickn Pay Stores Ltd 17 623 0,124 0,124 Pretoria Portland Cement Co Ltd 17 048 0,093 0,093 Primedia Ltd 5 229 0,123 0,000 Remgro Ltd 181 439 0,238 0,257 Reunert Ltd 34 364 0,243 0,243 RMB Holdings Ltd 66 138 0,189 0,189 Sanlam Ltd 94 231 0,234 0,234 Santam Ltd 11 221 0,124 0,124 Sappi Ltd 94 090 0,379 0,379 Sasol Ltd 359 511 0,252 0,252 Shoprite Holdings Ltd 32 824 0,267 0,267 Spar Group Ltd/The 16 252 0,251 0,251 Standard Bank Group Ltd 254 851 0,224 0,224 Steinhoff International Holdings Ltd 61 188 0,243 0,243 Sun International Ltd 31 828 0,256 0,256 Super Group Ltd 7 717 0,187 0,187 Telkom SA Ltd 67 461 0,100 0,100 Tiger Brands Ltd 54 988 0,213 0,213 Tongaat-Hulett Group Ltd/The 11 226 0,106 0,106 Trencor Ltd 5 864 0,137 0,137 Truworths International Ltd 35 416 0,258 0,258 Unitrans Ltd 6 981 0,188 0,188 Western Areas Ltd 8 424 0,130 0,130 Woolworths Holdings Ltd 35 998 0,255 0,255

N o rg es Ba n k In v est men t M a na g emen t A n n u a l R e por t 2006 23 Government Pension Fund – Global Fixed income securities at 31 December 2006

Europe value in NOK 1000 value in NOK 1000 value in NOK 1000

Austria Cofinoga SA 58 940 Landesbank Berlin 2 051 124 Asfinag 699 177 Compagnie Generale des Etablissements Michelin 158 830 Landesbank Hessen-Thueringen Girozentrale 1 669 098 Bank Austria Creditanstalt AG 213 823 Credit Agricole SA 1 067 057 Landeskreditbank Baden-Wuerttemberg Bank Fuer Arbeit und Wirtschaft AG 1 640 661 Credit Foncier de France 11 858 710 Foerderbank 647 387 Bundesimmobiliengesellshaft mbH 67 405 Credit Logement SA 1 166 630 Landwirtschaftliche Rentenbank 12 115 151 Energie AG Oberoesterreich 16 233 Dexia Municipal Agency 7 155 361 Lanxess AG 40 551 Erste Bank der Oesterreichischen Sparkassen AG 214 437 Electricite de France 634 806 Linde AG 151 066 Hypo Alpe-Adria-Bank International AG 1 133 374 France Telecom 1 683 903 Metro Finance BV 137 760 Hypo Tirol Bank AG 323 896 French Residential Asset 16 465 Muenchener Rueckversicherungs AG 577 397 Kommunalkredit Austria AG 941 158 Gecina SA 67 238 Muenchner Hypothekenbank 1 994 762 Oesterreichische Volksbanken AG 8 235 Imerys SA 85 516 Norddeutsche Landesbank 679 439 Osterreichische Kontrollbank 3 506 622 Ixis Corporate & Investment 349 932 NRW Bank 4 586 417 Pfandbriefstelle der Oesterreichischen Klepierre SA 90 827 Oebb Holding AG 800 279 Landes-Hypothekenbanken 514 358 La Mondiale Vie 143 648 PERI GMBH 2 500 Raiffeisen Zentralbank Oesterreich AG 125 191 La Poste 294 990 ProSieben SAT.1 Media AG 17 124 Republic of Austria 12 464 768 Lafarge SA 459 689 Republic of Germany 153 727 883 Sappi Papier Holding AG 79 679 Legrand SA 14 739 Rheinmetall AG 81 028 Telekom Austria AG 190 369 LVMH Moet Hennessy Louis Vuitton 145 794 RWE AG 710 634 Wienerberger AG 89 334 Natexis Banques Populaire 25 263 SEB Hypothekenbank AG 532 333 Peugeot SA 544 577 Siemens AG 405 740 Belgium Pinault Printemps Redoute 202 679 Suedzucker AG 139 373 Belgacom SA 89 674 Regie Autonome Des Transports Parisiens 132 971 Talanx AG 210 589 Belgian government (3 471 628) Remy Cointreau SA 17 567 ThyssenKrupp AG 185 072 B-TRA 4 144 Renault SA 688 554 TUI AG 8 070 Dexia Credit Local 1 522 753 Republic of France 17 163 306 Voith AG 45 483 Elia System Operator SA 62 191 Reseau Ferre de France 2 833 136 Volkswagen AG 558 973 Societe Nationale de Chemins de Fer Belges 257 765 Sanofi-Aventis SA 124 584 Westfaelische Landschaft-Bodenkredit AG 1 481 485 Solvay SA 150 113 Schneider Electric SA 83 377 Wuerttembergische Leben 4 145 Jetfinance International AD 31 477 SCOR 173 406 Aareal Bank AG 1 166 256 Republic of Bulgaria 84 642 SNCF 732 345 Societe Des Cimnets Fran 61 032 Greece Croatia Societe Generale 1 396 271 Alpha Bank AE 12 731 Croatian Bank for Reconstructuring & Societe Television Francaise 1 90 678 Bank of Cyprus Ltd 8 214 Development 2 128 Sodexho Alliance Sa 53 141 Coca Cola Hellenic Bottling Co SA 73 046 Republic of Croatia 469 805 Suez SA 192 039 EFG Eurobank Ergasias SA 86 329 Zagrebacka Bank 270 747 Thomson 17 506 Greek government 22 043 725 Total SA 104 542 National Bank of Greece SA 122 552 Cyprus Vauban Mobilisation Garantie 1 435 633 OTE PLC 278 646 Cyprus Popular Bank Ltd 8 197 Veolia Environnement 761 715 Public Power Corp 78 141 Vinci SA 359 900 Czech Republic Vivendi Universal SA 460 614 Guernsey Ceska Exportni Banka AS 323 925 Wendel Investissement 77 955 F&C Commercial Property Finance Ltd 36 560 CEZ Finance BV 70 453 Germany Hungary Denmark Allgemeine Hypothekenbank Rheinboden AG 365 738 Mol Magyar Olaj- es Gazipari Rt 59 899 BRFkredit AS 381 832 Allianz AG 2 704 031 National Bank Of Hungary 71 361 Carlsberg A/S 18 287 BankGesellschaft Berlin AG 654 857 OTP Bank Rt 131 022 Danica Pension Livsforsikringsaktieselskab 86 254 BASF AG 107 495 Republic of Hungary 1 254 608 Danske Bank A/S 815 335 Bayer AG 227 186 Dong A/S 787 657 Bayerische Hypo-und Vereinsbank AG 2 927 396 Iceland ISS Global A/S 144 298 Bayerische Landesbank 7 670 906 Glitnir Banki Hf 477 403 Kingdom of Denmark 9 947 336 Bayerische Motoren Werke AG 574 929 Kaupthing Bunadarbanki HF 1 509 372 Nykredit Realkredit A/S 4 026 470 Berlin Land 2 697 028 Landsbanki Islands HF 1 231 622 Realkredit Danmark A/S 5 160 912 Bertelsmann AG 241 584 Republic of Iceland 1 037 960 Sydbank A/S 12 331 Bremer Landesbank Kreditanstalt 84 870 Tryg Forsikring AS 62 285 Commerzbank AG 1 544 064 Ireland Continental AG 43 300 Aer Rianta 45 876 Finland DaimlerChrysler 2 736 939 Allied Irish Banks PLC 4 298 839 Finnish government 1 130 249 Degussa AG 105 235 Anglo Irish Bank Corp PLC 573 862 Fortum Oyj 240 216 Deka Bank Deutsche Girozentrale 2 508 424 Bank of Ireland 1 743 716 Municipality Finance PLC 91 843 Depfa Bank AG 11 929 598 Eesti Energia AS 90 307 OKO Bank 163 351 Deutsche Apotheker- und Aerztebank 215 681 Eirles Four Ltd 33 245 Sampo Oyj 1 226 016 Deutsche Bahn BV 1 122 606 Fidis Retail Fin Serv 16 676 Stora Enso Oyj 236 325 Deutsche Bank AG 1 686 026 Freshwater Finance PLC 96 119 UPM-Kymmene Corp 186 434 Deutsche Genossenschafts Hypothekenbank 1 554 015 German Postal Pensions Securitisation PLC 1 555 999 Deutsche Hypothekenbank AG 424 066 Irish Nationwide Bldg Society 96 720 France Deutsche Lufthansa AG 42 158 Provide PLC 24 776 Agence Francaise de Developpement 314 305 Deutsche Post AG 710 114 Pure Mortgages 2 099 Air Liquide 34 427 Deutsche Telekom AG 2 027 671 Republic of Ireland 99 329 Alcatel SA 31 949 Dresdner (City Of Moscow) 125 021 Taurus CMBS PLC 3 574 Alstom RGPT 29 124 Dresdner Bank AG 827 983 Titan Europe PLC 10 296 Arcelor 85 054 Duesseldorfer Hypothekenbank 1 200 132 Auchan SA 57 824 Energie Baden-Wuerttemberg AG 49 754 Italy AXA SA 1 130 852 Eurohypo AG 7 263 029 AEM SPA 125 843 Banque Federative du Credit Mutuel 108 840 EWE AG 91 174 ASM Brescia SpA 42 960 BNP Paribas 1 593 165 Gemeinsame Deutsche Bundeslaender 2 480 986 Asset-Backed European Securitisation Trans 8 302 Bouygues SA 411 294 Gerling-Konzern Lebensversicherung AG 46 011 Assicurazioni Generali - Societa Per Azioni 395 663 Caisse Centrale des Assurances Mutuelles Gothaer Versicherungsbank VVaG 88 698 Atlantide Finance SRL 866 Agricoles 789 571 Hannover Rueckversicherung AG 412 629 Autostrade SpA 365 836 Caisse Centrale du Credit Immobilier de France 183 295 HeidelbergCement AG 8 670 Banca Antonveneta SpA 27 130 Caisse d’Amortissement de la Dette Sociale 14 019 565 Henkel KGaA 130 872 Banca Intesa SpA 1 137 444 Caisse Nationale des Autoroutes 641 839 HSH Nordbank AG 2 982 325 Banca Lombarda SpA 19 166 Caisse Nationale des Caisses d’Epargne et Hypo Real Estate Bank AG 5 675 402 Banca Monte dei Paschi di Siena SpA 1 049 954 de Prevoyance 1 287 970 Hypothekenbank in Essen AG 10 104 648 Banca Popolare di Vicenza 8 274 Caisse Refinancement de l’Habitat 3 565 676 IKB Deutsche Industribank 83 402 Banca Popolare Italiana-Banca Popolare De Carrefour SA 220 614 Kreditanstalt fuer Wiederaufbau 40 152 986 Lodi-Societa Cooperativa 127 019 Casino Guichard Perrachon SA 236 904 Land Brandenburg 235 445 Bankinter Fondo De Titulizacion Hipotecaria 4 136 Cie de Saint-Gobain 319 255 Land Hessen 501 616 Cas Depositi e Prestiti SpA 7 864 037 CIF Euromortgage 851 573 Land of North-Rhine Westphalia 2 113 380 Cassa di Risparmio di Firenze SpA 8 241 CNP Assurances 161 033 Landesbank Baden-Wuerttemberg 7 005 389 City of Rome 46 379

Sovereign, local and municipal bonds are classified under the country in question. Bonds issued by private companies are classified under the country where the company has its headquarters. Holding are based in the trade date. Sell/buyback agreements have forward settlement. Negative holdings may therefore be reports without expressing the true financial exposure.

24 Government Pension Fund – Global Fixed income securities at 31 December 2006

Europe value in NOK 1000 value in NOK 1000 value in NOK 1000

Edison SpA 93 055 Banco Espirito Santo, SA 760 743 Vattenfall Treasury AB 611 453 Enel SpA 144 267 Banif SGPS SA 24 819 Volvo AB 221 639 ENI SPA 95 737 Brisa-Auto Estradas de Portugal SA 83 713 Fiat Finance & Trade Ltd 106 109 Caixa Geral de Depositos 368 479 Switzerland Finsoe SpA 228 203 Cimpor Cimentos de Portugal SA 75 028 ABB International Finance Ltd 17 384 Hera SpA 106 685 Energias de Portugal SA 110 126 Adecco SA 125 698 IItalfinance Securitisation Vehicle SRL 12 392 Espirito Santo Financial Group SA 8 545 Banque SYZ & Co SA 128 272 Locat Securitisation Vehicle Srl 12 389 Lusitano Mortgages PLC 3 294 Ciba Specialty Chemicals AG 114 030 Lottomatica SpA 33 081 Parpublica - Participacoes Publicas SGPS SA 192 484 Clariant AG 50 070 Mediobanca SpA 361 474 Portugal Telecom SGPS SA 137 427 Glencore International AG 729 729 Poste Italiane SpA 176 826 Refer-Rede Ferroviaria Nacional SA 90 687 Holcim Ltd 291 587 Region of Lombardy 64 551 Republic of Portugal 14 460 463 Merck KGaA 39 223 Region of Sicily 131 550 Sagres STC SA/Douro Mortgages 4 106 Roche Holding AG 63 999 Republic of Italy 66 097 586 Swiss Life Holding 570 463 Romulus Finance SRL 38 115 Romania Swiss Reinsurance Co 454 110 Sanpaolo IMI SpA 732 580 Banca Comerciala Romana SA 32 412 Switss Confederaton 5 044 528 Telecom Italia SpA 2 454 098 Syngenta AG 4 945 UniCredito Italiano SpA 493 070 Russia UBS AG 581 335 Aries Vermogenswerwaltung 797 208 Unique Flughafen Zurich AG 27 068 Jersey OAO Gazprom 1 474 100 BACB Jersey Ltd 6 242 Russian Agricultural Bank 70 619 Turkey Meinl European Land Ltd 225 203 Russian Federation 3 006 059 Republic of Turkey 98 494 Sberbank RF 9 696 Latvia Tyumen Oil 96 926 Ukraine Parex Bank 168 556 Vneshtorgbank 173 311 Ukrainean government 23 411

Luxembourg Slovenia United Kingdom Codere SA 13 066 Nova Ljubljanska Banka 25 091 Abbey National PLC 1 887 159 Euroclear Finance SA 96 340 Republic of Slovenia 240 472 Alba PLC 6 128 Kuznetski Capital for Bank of Moscow 3 266 Alliance & Leicester PLC 289 221 Mdm Dpr Finance Company SA 36 710 Spain Amlin PLC 132 085 Pan-European Industrial Properties SA 4 129 Abertis Infraestructuras SA 138 078 Amvescap PLC 170 126 Pfandbriefbank International 937 309 Altadis SA 85 171 Angel Trains Finance PLC 6 056 RS Finance (RSB) 7 871 Autonomous Community of Valencia 850 282 Anglian Water PLC 241 700 SES Global SA 245 585 AyT Cedulas Cajas FTA 5 956 491 Anglo American PLC 79 813 TIM Hellas Telecommunications SA 30 348 Bancaja Fondo De Titulizacion De Activos 16 563 Annington Finance 126 996 Banco Bilbao Vizcaya Argentaria SA 10 429 318 Arkle Master Issuer PLC 15 497 Netherlands Banco de Credito Local de Espana SA 3 681 320 Arran Funding Ltd 12 126 ABN Amro Bank NV 2 055 828 Banco de Sabadell SA 1 017 628 Artesian Finance PLC 45 273 Aegon NV 102 405 Banco Pastor SA 134 888 Aspire Defence Finance PLC 212 276 Akzo Nobel NV 123 284 Banco Popular Espanol SA 6 384 710 Auburn Securities PLC 36 795 Arena BV 8 301 Banco Santander Central Hispano, SA 9 792 557 Aviva PLC 1 583 511 Bank Nederlandse Gemeenten NV 6 513 918 BBVA Hipotecario Fondo De Titulizaciton De 8 252 Bank of England Notes 1 428 725 Beluga Master Issuer BV 8 242 Bilbao Bizkaia Kutxa 20 505 Barclays Bank PLC 3 016 012 DSM NV 72 869 Caja de Ahorros de Valancia Castellon y Alicante 1 012 533 Beazley Group PLC 187 505 Dutch MBS BV 8 371 Caja de Ahorros y Monte de Piedad de BG Energy Capital PLC 74 593 E. ON AG 596 962 Madrid, SA 3 439 940 BOC Group PLC 63 408 Eureko BV 294 228 Caja de Ahorros y Pensiones de Barcelona 4 553 673 Boots Group PLC 124 862 First Investment Bank AD 21 321 Caja Galicia Preferentes 84 839 Bradford & Bingley PLC 4 138 565 Fixed link finance BV 73 547 Caja Rural Intermediterranea, Sociedad Britannia Bldg Society 15 889 Fortis Finance NV 1 352 153 Cooperativa de Credito 8 250 British American Tobacco PLC 895 464 Fresenius AG 4 221 Cedulas TDA 4 835 713 British Broadcasting Corp 74 558 Government of Netherland (2 692 867) Corporaticion de Reservas Estrategicas de British Land Co PLC 153 729 Impress Holdings BV 14 915 Productos Petroliferos (CORES) 286 994 British Sky Broadcasting 136 431 ING Bank NV 1 446 459 Endesa SA 86 632 British Telecommunications PLC 587 955 Ing Group NV 101 312 Ftpyme Bancaja 8 267 British United Provident Association Ltd 67 762 Kazakhstan Temir Zholy 3 200 FTPYME Banesto 4 124 Brixton PLC 5 904 KBC Bank NV 35 178 Gas Natural SDG, SA 18 196 BAA PLC 830 470 Koninklijke Ahold NV 35 678 GAT Ftgencat 4 140 Cadbury Schweppes PLC 292 873 Leaseplan Corporation NV 306 978 Iberdrola SA 418 097 Canary Wharf Finance PLC 279 271 Mittal Steel Co NV 23 465 Insitut Credito Oficial 5 734 820 Centrica PLC 195 565 Monastery BV 12 386 Kingdom of Spain (427 172) Chesire Building Society 12 118 Nederlandse Waterschapsbank NV 2 200 506 Red Electrica de Espana 57 420 Chester Asset Receivables Dealings PLC 76 180 NIB Capital Bank NV 92 438 Repsol YPF SA 315 142 Clerical Medical Finance PLC 122 497 Nuon NV 16 193 Telefonica Europe BV 1 777 947 Compass Group PLC 477 313 NV LuchtHaven Schiphol 25 178 Titulizacion De Activos 4 110 Co-Operative Bank PLC 69 767 NXP BV 391 743 Union de Creditos Inmobiliarios, E.F.C. SA 16 492 Corp of Lloyds 1 806 995 Philips Electronics 21 314 Coventry Building Society 72 851 Rabobank Nederland 4 619 554 Sweden CTRL Section 1 Finance PLC 64 101 Rodamco Europe Finance BV 133 099 Akademiska Hus AB 174 963 Daily Mail & General Trust 86 993 Royal Dutch/Shell Group of Companies 31 797 Aktiebolaget SKF 36 438 Derby Healthcare PLC 52 598 Royal KPN NV 739 288 Electrolux AB 61 643 Diageo PLC 506 093 Shield BV 8 307 Investor AB 92 849 Dolerite Funding PLC 6 133 SMILE 2005 Synthetic BV 3 770 Kingdom of Sweden 7 212 609 DSG International PLC 37 078 SNS Bank NV 664 643 Kommuninvest i Sverige Aktiebolag 500 065 Eclipse PLC 18 356 SNS Reaal Groep NV 8 225 Landshypotek AB 46 746 EMAP PLC 29 284 SovRisc BV 1 358 985 Lansforsakringar AB 109 036 Emi Group PLC 14 752 TPG NV 41 806 Nordea Bank AB 2 041 198 Enterprise Inns PLC 164 783 Unilever NV 277 328 Scania AB 90 352 Epic PLC 15 656 Union Fenosa SA 93 488 Securitas AB 26 343 Equity Release Funding PLC 18 567 Urenco Finance NV 43 649 Skandinaviska Enskilda Banken AB 1 186 595 F&C Asset Management PLC 60 865 Wolters Kluwer NV 96 131 Specialfastigheter Sverige AB 45 408 FirstGroup PLC 39 069 Spintab AB 2 129 335 Fleet Street Finance One PLC 3 380 Poland Svensk Exportkredit AB 470 259 Friends Provident PLC 417 871 Republic of Poland 2 389 258 Svenska Cellulosa AB 286 822 Gallaher Group PLC 122 713 Telekomunikacja Polska SA 33 730 Svenska Handelsbanken 3 785 360 GKN Holdings PLC 137 983 Swedbank (FöreningsSparbanken) 190 671 Glaxo Smithkline 180 561 Portugal Swedish National Housing Finance 1 365 764 Gracechurch Card Funding PLC 4 101 Banco Bpi SA 9 389 Telefonaktiebolaget LM Ericsson 17 482 Gracechurch Mortgage Financing PLC 8 259 Banco Comercial Portugues SA 616 341 TeliaSonera AB 85 473 Granite Master Issuers PLC 23 298

Sovereign, local and municipal bonds are classified under the country in question. Bonds issued by private companies are classified under the country where the company has its headquarters. Holding are based in the trade date. Sell/buyback agreements have forward settlement. Negative holdings may therefore be reports without expressing the true financial exposure.

N o rg es Ba n k In v est men t M a na g emen t A n n u a l R e por t 2006 25 Government Pension Fund – Global Fixed income securities at 31 December 2006 Government Pension Fund – Global Fixed income securities at 31 December 2006

Europe Amercas value in NOK 1000 value in NOK 1000 value in NOK 1000

Great Universal Stores PLC 109 729 White City Property Fin 37 903 Bermuda Greene King Finance PLC 52 998 White Tower PLC 18 447 Allied World Assurance 48 199 Hammerson PLC 208 779 Willis Group Holdings Ltd 46 749 Axis Capital Holdings 74 570 Hanson PLC 162 638 Windmere Cmbs 2 862 Oil Insurance Ltd 12 958 Harbour Funding PLC 45 850 Wpp Group PLC 154 362 Weatherford International Ltd 92 979 HBOS PLC 14 603 342 Yorkshire Building Society 2 261 074 Hilton Group PLC 141 030 Brazil Honours PLC 6 112 Banco Bradesco SA 24 923 HSBC Holdings PLC 8 236 027 Brazil Development Fund 29 010 Imperial Chemical Industries PLC 62 776 Cia Brasileira de Bebidas 81 004 Imperial Tobacco Group PLC 443 454 Companhia Vale do Rio Doce 424 827 Integrated Accom Service 41 459 Empresa Brasileira de Aeronautica SA 25 127 International Finance Facility for Immunisation 626 413 Federative Republic of Brazil 234 614 Investec Finance PLC 13 603 Petroleo Brasileiro SA 25 846 ITV PLC 166 495 Tele Norte Leste Participacoes 9 250 Jardine Strategic Holdings Ltd 32 530 Karta 2005-1 PLC 4 139 Canada Kelda Group PLC 144 431 407 International Inc 16 903 Kingfisher PLC 69 615 Abitibi-Consolidated Inc 8 625 Land Securities PLC 283 589 Alberta Energy Co Ltd 245 854 Leeds & Holbeck Building Society 6 251 Alcan Inc 230 041 Leek Finance PLC 22 504 Bank of Montreal 138 166 Legal & General Group PLC 148 311 Bank of Nova Scotia 123 076 Lend Lease Europe Fin 24 256 Barrick Gold Corp 116 042 Lloyds TSB Bank PLC 1 492 824 BCE Inc 153 536 London And Regional Debt Securitisation PLC 18 491 Bombardier Inc 166 541 London Stock Exchange PLC 62 603 Brascan Corp 44 536 Longstone Finance PLC 114 992 Canadian National Railway Co 101 354 Lothian Mortgages PLC 6 135 Canadian Natural Resources Ltd 252 791 Marks & Spencer PLC 150 465 Canadian Oil Sands Investments Inc 21 789 Meadowhall Finance PLC 56 156 Canadian Pacific Railway 231 826 Mitchells & Butlers PLC 157 725 Catalyst Paper Corp 19 680 Mound Financing PLC 17 988 Celestica Inc (9 614) National Air Traffic 62 269 CIBC Capital Funding LP 134 194 National Grid Transco PLC 1 736 785 Domtar Inc 39 380 Nationwide Building Society 1 495 771 Falconbridge Ltd 69 857 Network Rail LTD 11 891 207 Government of Canada 9 711 745 Next PLC 54 785 Greater Toronto Airport Authority 192 113 Northern Rock PLC 2 445 352 Hydro Quebec 699 473 Octagon Healthcare Funding PLC 32 677 Inco Ltd 53 467 Old Mutual PLC 742 209 Manufacturers Life Insurance Co 59 152 Opera Finance PLC 49 367 Nexen Inc 136 211 Paragon Mortgages PLC 45 149 Nortel Networks Ltd-Global (17 582) Pearson PLC 266 589 Ontario Electricity Financial Corporation 86 430 Pernod-Ricard SA 431 291 Petro-Canada 160 929 Principality Building Society 56 289 Potash Corp of Saskatchewan 30 223 Prudential PLC 749 461 Power Corp of Canada 38 356 Punch Taverns 145 829 Province of Newfoundland 32 521 Rentokil Initial 201 442 Province of Nova Scotia 65 320 Resolution PLC 157 195 Province of Ontario 5 597 903 Reuters Group PLC 41 747 Province of Quebec 2 953 384 REXAM PLC 104 797 Rogers Communications Inc 32 182 RMAC 18 363 Royal Bank of Canada 384 092 RMPA Services PLC 77 037 Secunda International Limited 2 272 Rolls-Royce PLC 17 073 Shaw Communications Inc 21 646 Royal & Sun Alliance Insurance Group 360 968 Sun Life Financial Inc 54 713 Royal Bank of Scotland Group PLC 4 223 727 Suncor Energy Inc 44 210 Royal London Mutual Insurance Society Ltd 118 591 Talisman Energy Inc 103 012 Safeway PLC 162 629 Telus Corp 102 457 Sandwell Commercial Finance PLC 12 194 Thomson Corporation 64 285 Schlumberger Technology Corp 79 724 Toronto-Dominion Bank 267 332 Scottish & Southern Energy PLC 47 363 TransCanada Pipelines Ltd 71 221 Scottish Power PLC 226 277 West Fraser Timber Co Ltd 44 474 Scottish Widows PLC 232 207 Xstrata Finance Canada Ltd 147 652 Severn Trent 112 271 Sherwood Castle Funding PLC 8 247 Cayman Islands Singer & Friedlander Group 6 491 Bishopsgate Asset Fin 49 091 Slough Estates PLC 71 844 Dwr Cymru Financing Ltd 71 389 Smiths Group PLC 67 108 First Caribbean International Bank Ltd 468 246 Southern Gas Network PLC 17 758 N_Star Real Estate Cdo Ltd 10 555 Southern Water Services Finance PLC 234 627 STB Finance Cayman 798 532 Spirit Issuer PLC 12 192 Stoneheath Re 3 089 Standard Bank Group Ltd 25 594 THPA Finance Ltd 20 065 Standard Chartered PLC 658 089 Standard Life Assurance Co 1 165 020 Chile Tate & Lyle PLC 176 761 Celulosa Arauco y Constitucion SA 79 247 Taylor Woodrow PLC 92 504 Corp Nacional del Cobre de Chile - CODELCO 103 486 Telereal Securitisation PLC 118 365 Republic of Chile 98 480 Tesco PLC 226 085 Teva Pharmaceutical Industies Ltd 166 072 Colombia Tomkins PLC 77 083 Republic of Colombia 34 508 Trafford Centre Finance Ltd 49 280 Transport For London 205 263 Mexico UK government (22 663 931) America Movil SA de CV 319 803 United Utilites PLC 966 343 Banco Nacional de Comercio Exterior SNC 61 150 Vanwall Finance PLC 6 169 Capital SPV Ltd 134 245 Vodafone Group PLC 738 662 Grupo Financiero Banorte SA de CV 82 005 W&DB Issuer PLC 22 723 Grupo Minero Mexico SA de CV 86 555 Wessex Water Services Finance PLC 46 972 Grupo Televisa SA 38 879 West Coast train Finance PLC 27 626 Petroleos Mexicanos 2 743 477

Sovereign, local and municipal bonds are classified under the country in question. Bonds issued by private companies are classified under the country where the company has its headquarters. Holding are based in the trade date. Sell/buyback agreements have forward settlement. Negative holdings may therefore be reports without expressing the true financial exposure.

26 Government Pension Fund – Global Fixed income securities at 31 December 2006

Amercas value in NOK 1000 value in NOK 1000 value in NOK 1000

Telefonos de Mexico SA 321 583 Bay View Auto Trust 1 902 Commercial Mortgage Lease-Backed Cert 5 761 United Mexican States 2 472 133 Bayview Commercial Asset Trust 247 739 Commercial Mortgage Pass-Through 598 694 Bayview Financial Acquisition Trust 50 368 Computer Associates International Inc 48 651 Panama Bayview Financial Asset Trust 3 332 ConAgra Foods Inc 167 366 Republic of Panama 113 324 BB&T Corp 210 747 ConocoPhillips 718 144 BBVA Pyme Fondo De Titulizacion De Activos 4 124 Conseco Finance Securitization 198 463 Peru Bear Stearns Adjustable Rate Mortgage Trust 526 096 Consolidated Ed of NY 123 988 Republic of Peru 82 995 Bear Stearns ALT-A Trust 84 649 Constellation Brands Inc 15 732 Bear Stearns Asset Backed Securities Inc 121 160 Constellation Energy Group Inc 195 277 United states of america Bear Stearns Asset Backed Securities NIM 968 Continental Airlines Inc 106 282 Abbott Laboratories 260 611 Bear Stearns Commercial Mortgage Securities Inc 310 818 Corning Inc 24 948 ABFS Mortgage Loan Trust 22 310 Bear Stearns Cos Inc 1 069 829 Corrections Corp of America 20 474 ABN Amro Mortgage Corp 67 802 Bear Stearns Mortgage Funding Trust 329 765 Costco Wholesale Corp 18 977 ABSC NIMS TRUST 39 868 Bear Stearns Small Balance Commercial Trust 1 885 Countryplace Manufactured Housing Accredited Mortgage Loan Trust 17 476 Beckman Coulter Inc 41 170 Contraprvt Placemt 28 995 ACE Ltd 73 039 Bella Vista Mortgage Trust 37 118 Countrywide Alternative Loan Trust 3 049 722 ACE Securities Corp 98 302 BellSouth Corp 716 661 Countrywide Financial Corp 672 921 Adjustable Rate Mortgage Trust 369 227 Berkshire Hathaway Inc 867 911 Countrywide Home Equity Loan Trust 165 644 Advanta Business Card Master Trust 1 479 Black & Decker Corp 18 692 Countrywide Home Loans 2 258 651 Aegis Asset Backed Securities Trust 1 733 Blade Engine Securitization Ltd 12 208 Coventry Health Care Inc 53 675 AES Corp/The 6 525 Bombardier Capital Mortgage Securitization 12 688 COX Enterprises Inc 692 649 Aetna Inc 85 296 Bosphorus Financial Serv 17 150 Crane Co 34 493 AFC Home Equity Loan Trust 702 Boston Properties Inc 39 752 Credit Acceptance Auto Dealer Loan Trust 12 482 Aflac Inc 51 744 Boston Scientific Corp 171 674 Credit Suisse First Boston Mortgage Air Products & Chemicals Inc 14 173 Bowater Inc (13 794) Securities Corp 762 806 Alcoa Inc 72 565 Boyd Gaming Corp 14 071 Credit Suisse Mortgage Capital Certificates 652 004 Allegheny Energy Inc 76 165 BPL Consumer SRL 8 330 Credit Suisse USA Inc 2 345 926 Allergan Inc 76 174 Brandywine Realty Trust 84 327 Credit Suisse/Morgan Stanley Commercial 71 344 Allied Capital Corp 61 870 Bristol-Myers Squibb Co 404 300 Credit-Based Asset Servicing and Securitization 138 976 Allied Waste Industries Inc 52 716 Broadhollow Funding, LLC 13 720 Cresi Finance LP 15 398 Allstate Corp 494 930 Bumiputra-Commerce Bank 32 000 Crest Ltd 1 381 Alltel Corp 100 680 Bunge Ltd Finance Corp 83 740 CRH America Inc 273 578 Altria Group Inc 215 075 Burlington Northern Santa Fe Corp 208 163 Crown Castle International Corp 2 816 AMBAC Financial Group Inc 31 218 Cabot Corp 31 259 Crown Holdings Inc 64 738 Amerada Hess Corp 137 515 Caithness Coso Fund Corp 18 616 Crusade Global Trust 17 467 Ameren Corp 39 790 California State University 9 350 CSAB Mortgage Backed Trust 123 985 American Airlines 217 117 Campbell Soup 87 615 CSX Corp 163 592 American Eagle Northwest LLC 3 478 Capital Auto Receivables Asset 49 370 CVS Corp 184 206 American Electric Power Co Inc 285 831 Capital One Bank 840 031 Daimler Chrysler Master Owner Trust 13 587 American Express Co 919 463 Capital One Multi-Asset Execution Trust 35 603 Danaher Corp 41 719 American Express Credit Account Master Trust 29 307 Cardinal Health Inc 125 776 DB Master Finance LLC 57 014 American General Mortgage Loan Trust 23 026 Cargill Inc 468 870 Dean Foods Co 42 693 American Home Mortgage Assets 335 321 Carnival Corp 125 845 Decora Industries Inc 46 056 American Home Mortgage Investment Trust 662 738 Carrington Mortgage Loan Trust 13 310 Deere & Co 423 560 American International Group Inc 3 544 896 Carss Finance Limited Partnership 188 Delhaize America Inc 44 018 Americredit Automobile Receivables Trust 18 752 Caterpillar Inc 460 438 Deluxe Corp 71 575 Ameriprise Financial Inc 191 945 CBA Commercial Small Balance Commercial Deutsche Alt-A Securities Inc Mortgage Loan Trust 331 061 Ameriquest Mortgage Securities Inc 38 031 Prvt Placement 18 679 Deutsche Mortgage and Asset Receiving Corp 8 700 AmerisourceBergen Corp 99 078 Cedant Mortgage Corp 48 557 Deutsche Mortgage Securities Inc 243 935 Amgen Inc 194 049 Centerpoint Energy Inc 82 718 Developers Diversified Realty Corp 118 630 Amortizing Residential Collateral Trust 25 408 Centex Corp 192 228 Devon Energy Corp 175 933 Amresco Commercial Mortgage Funding 976 Centex Home Equity 7 629 Diamond Offshore Drilling Inc 25 484 Amsted Industries Inc 20 017 CenturyTel Inc 83 452 Discover Card Master Trust I 46 879 Anadarko Petroleum Corp 460 142 Charter Comm Hldgs II 132 260 DLJ Commercial Mortgage Corp 35 187 Anheuser-Busch Cos Inc 116 462 Chase Commercial Mortgage Securities Corp 59 349 Dominion Resources Inc 751 200 Apache Corp 26 188 Chase Master Trust 20 936 Donnelley (R.R.) & Sons Co 140 643 AQ Finance NIM Trust 1 502 Chase Funding Mortgage Loan Asset-Backed 25 541 Dover Corp 12 622 Arcap Reit Inc 1 004 Chase Funding Net Interest Margin 1 166 Dow Chemical 335 146 Arch Coal Inc 55 900 Chase Issuance Trust 48 690 DPL Inc 43 338 Archer-Daniels-Midland Co 229 836 Chase Mortgage Finance Corporation 159 217 DR Horton Inc 135 128 Archstone-Smith Trust 58 800 Chemtura Corp 45 123 DSLA Mortgage Loan Trust 245 493 Argent Securities Inc 3 657 Chesapeake Energy Corp 92 025 DTE Energy Co 39 047 Ashtead Capital Inc 5 155 ChevronTexaco Corp 110 563 Duke Energy Corp 738 219 Asset Backed Funding Certificates 11 733 Cigna Corp 18 636 Duke Realty Corp 31 772 Asset Backed Funding Corp 2 789 Cincinnati Financial Corp 32 052 Dun & Bradstreet Corp 19 031 Asset Backed Securities Corp Home Equity Cisco Systems Inc 355 999 DVI Receivables Corp 77 776 Loan Trust 44 847 CIT Group Inc 1 320 877 E*Trade Financial Corp 20 794 Asset Securitization Corp 103 987 Citadel Finance Ltd 61 550 E.I. du Pont de Nemours & Co 74 792 Associates Manufactured Housing Pass Credit Card Issuance 166 308 Eastman Chemical Co 34 780 Through CTFS 6 071 Citicorp Mortgage Securities 244 020 Ecolab Inc 77 543 Assurant Inc 168 085 Citicorp Residential Mortgage Securities 45 804 Edison International 220 126 AT&T Corp 1 129 543 Citigroup Commercial Mortgage Trust 41 522 Eli Lilly & Co 55 343 Atmos Energy Corp 64 939 Citigroup Inc 4 325 240 Emerson Electric Co 43 155 Autozone Inc 87 177 Citigroup Mortgage Loan Trust, Inc 419 655 Energy Transfer Partners LP 127 846 Avalonbay Communities 31 581 Citigroup/Deutsche Bank Commercial Enogex Inc 6 813 Aviation Capital Group Trust 17 519 Mortgage Trust 38 880 Entergy Corp 119 190 Avista Corp 29 998 Citizens Communications 87 019 Enterprice Rent A Car 306 701 Avnet Inc 34 432 Clear Channel Communications Inc 302 095 Enterprise Products Partners LP 424 181 Banc of America Commercial Mortgage Inc 495 257 Clorox Co 65 009 Entertainment Properties Trust 41 119 Banc of America Large Loan 113 001 CMS Energy Corp 9 664 EOP Operating LP 403 530 Banche Popolari Unite S.C.R.L. 773 063 CNA Financial 64 780 Equifirst Mortgage Loan Trust 3 814 Bank of America - NB Commercial 38 649 CNF Inc 48 435 Equity One ABS, Inc 40 120 Bank of America Alternative Loan Trust 282 430 Coca-Cola Co 32 729 Equity One Inc 25 995 Bank of America Corporation 2 965 105 Coca-Cola Enterprises Inc 438 853 ERP Operating LP 141 774 Bank of America Funding Corp 506 394 Colonial Properties Trust 30 915 Estee Lauder Cos Inc 75 430 Bank of America Mortgage Securities 356 476 Comcast Corp 1 604 174 E-Trade RV and Marine Trust 14 602 Bank of New York Co Inc 93 320 Comercia Bank 62 395 European Loan Conduit 32 322 Bank One Issuance Trust 42 565 Commerce Group Inc 18 982 European Prime Real Estate PLC 17 786 Bankunited Trust 140 208 Commercial Mortgage Acceptance Corp 71 811 Exelon Corp 413 252 Baxter International Inc 109 639 Commercial Mortgage Asset Trust 12 783 Farmers Insurance Exch 121 041

Sovereign, local and municipal bonds are classified under the country in question. Bonds issued by private companies are classified under the country where the company has its headquarters. Holding are based in the trade date. Sell/buyback agreements have forward settlement. Negative holdings may therefore be reports without expressing the true financial exposure.

N o rg es Ba n k In v est men t M a na g emen t A n n u a l R e por t 2006 27 Government Pension Fund – Global Fixed income securities at 31 December 2006 Government Pension Fund – Global Fixed income securities at 31 December 2006

Amercas value in NOK 1000 value in NOK 1000 value in NOK 1000

FBR Securitization Trust 218 Hometown Commercial Mortgage 39 963 Marsh & McLennan Companies Inc 265 215 Federal Express Corp 185 169 Honda Auto Receivables Owner T 62 295 Marshall & Ilsley Corp 338 607 Federal Farm Credit Banks 639 019 Hospira Inc 36 561 MASCO Corp 85 715 Federal Home Loan Banks 22 716 463 Host Marriott LP 57 044 Massmutual Global Funding 54 490 Federal Home Loan Mortgage Corp 35 342 299 Household Home Equity Loan Trust 23 584 Mastr ABS NIM Trust 430 Federal National Mortgage Association 21 524 716 HRPT Properties Trust 4 138 Mastr Adjustable Rate Mortgage Trust 772 772 Federated Department Stores 288 880 HSI Asset Securitization Corporation Trust 21 605 MASTR Alternative Loans Trust 39 602 FFCA Secured Lending Corp 38 075 Hubbell Inc 32 645 MASTR Asset Backed Securities Trust 83 248 Fidelity International Ltd 176 607 Huntsman Intl LLC 45 285 MASTR Asset Securitization Trust 298 011 Fieldstone Mortgage Investment Corp 45 493 Hyundai Auto Receivables Trust 1 183 Mastr Reperforming Loan Trust 15 554 Fifth Third Bancorp 177 993 IBM Corp 47 844 Mastr Specialized Loan Trust 21 084 Finance America NIM Trust 2 Ikon Office Solutions Inc 17 423 MBNA Credit Card Master Note Trust 86 364 First Data Corp 272 359 Impac CMB Trust 117 077 McDonald’s Corp 176 136 First Franklin MTG Loan Asset Backed Impac Secured Assets Corp 72 369 McKesson Corp 13 933 Certificates 391 747 Indymac INDB Mortgage Loan Trust 155 568 MeadWestvaco Corp 25 108 First Franklin NIM Trust 1 315 Indymac Indx Mortgage Loan Trust 1 075 662 Medco Health Solutions Inc 32 414 First Horizon Alterative Mortgage Securities 147 391 Indymac Loan Trust 59 119 Mediacom LLLC/Cap Corp (49 723) First Horizon Asset Securities INC 344 689 Indymac Residential Asset Backed Trust 12 489 Medtronic Inc 36 779 First Union National Bank Comm 60 695 Indymac Seconds Asset Backed Trust 36 235 Mellon Financial Co 79 352 First Union National Bank-Bank of America 1 644 Ingersoll-Rand Co 31 289 Mellon Residential Funding Corporation 5 762 First Union-Lehman Brothers-Bank of America 6 927 International Paper Company 311 101 Merck & Co Inc 200 948 FirstEnergy Corp 311 128 Irwin Home Equity 67 748 Merrill Auto Trust Securitization 731 Flextronics International Ltd (68 203) iStar Financial Inc 443 437 Merrill Lynch & Co Inc 1 985 145 Ford Credit Auto Owner Trust 24 398 ITC Holdings Corp 31 306 Merrill Lynch Floating Trust 151 491 Ford Motor Co 164 868 J.C.Penney Master Credit Card 166 938 Merrill Lynch Mortgage Investors 374 051 Fortune Brands Inc 339 202 Janus Capital Group Inc 27 680 Merrill Lynch Mortgage Trust 95 620 Fosse Master Issuer PLC 3 130 Inc 80 542 Merrill Lynch/Countrywide Commercial 31 151 FPL Group Inc 336 410 John Hancock Financial Services Inc 125 705 Metlife Inc 998 089 Freescale Semiconductor Inc 96 645 Johnson & Johnson 75 763 Mezz Cap Comercial Mortgage Trust 84 600 Fremont Home Loan Trust 12 084 Johnson Controls Inc 94 094 MGIC Investment Corp 56 416 Fremont NIM Trust 16 397 Jones Apparel Group Inc 60 249 MGM Mirage Inc 43 737 FTI Consulting Inc 12 596 Joy Global Inc 27 011 Mid-State Trust 27 175 Gannett Co Inc 62 929 JP Morgan Chase & Co 3 349 750 Miller Brewing Co 236 393 GE Business Loan Trust 877 JP Morgan Chase Commercial Mortgage Millipore Corp 29 463 Ge Capital Commercial Mortgage 156 235 Securities Corp 1 336 794 MLCC Mortgage Iivestors Inc 333 687 GE Commercial Loan Trust 68 385 JP Morgan Commercial Mortgage Finance Corp 53 317 Mohawk Industries Inc 163 452 GE Corporate Aircraft Financing LLC 10 911 JP Morgan Morgage Trust 1 184 546 Molson Coors Brewing Co 34 676 GE Dealer Floorplan Masrwe Note Trust 29 481 Kellogg Co 39 007 Monumental Global Funding Ltd 391 774 General Electric Co 5 089 746 Key Bank NA 105 812 Morgan Stanley 2 262 701 General Growth Properties 90 533 Kinder Morgan Energy Partners LP 408 331 Morgan Stanley Abs Capital I 51 689 General Mills Inc 101 416 Kinder Morgan Inc 258 590 Morgan Stanley Capital I 355 906 General Motors Corp 1 123 135 Kohl’s Corp 6 374 Morgan Stanley Dean Witter Capital I 13 272 Genworth Financial Inc 253 882 Kraft Foods Inc 620 035 Morgan Stanley Home Equity Loans 6 253 Georgia-Pacific Corp 30 966 Kroger Co 319 205 Morgan Stanley Mortgage Loan Trust 100 601 German Residential Asset Note Distributor 12 304 Laboratory Corp of America Holdings 53 285 Mortgage Capital Funding Inc 5 997 G-Force LLC 52 660 LaBranche & Co Inc 28 179 Mortgageit Trust 27 750 Global Marine Inc 29 957 Lamar Media Corp (6 328) Motorola Inc 104 182 Global Mortgage Securitization Ltd 38 198 LB Commercial Conduit Mortgage 34 291 MSDWCC Heloc Trust 3 011 Global Signal Trust 19 015 LB-UBS Commercial Mortgage Tru 189 491 Multi Security Asset Trust 56 564 GMAC Commercial Mortgage Securities Inc 120 827 Leap Wireless International Inc 31 726 Murphy Oil Corporation 32 331 GMAC Mortgage Corporation Loan Trust 318 016 Lehman ABS Manufactured Housing Contract 30 715 National Archive 157 621 Goldman Sachs Group Inc 4 009 727 Lehman Brothers Floating Rate Commercial National City Corp 265 107 Government National Mortgage 1 565 252 Mtg Trst 169 033 National Rural Utilities Cooperative Finance Corp 296 298 Granite Mortgages PLC 117 127 Lehman Brothers Holdings Inc 3 098 697 Nationslink Funding Corporation 14 297 Grant Prideco Inc 24 859 Lehman Brothers Small Balance Commercial Nationwide Health PPTYS 86 964 Green Tree Financial Corp 440 817 Prvt Placement 43 772 Nationwide Mutual Insurance Co 152 927 Greenpoint Manufactured Housing 14 166 Lehman Mortgage Trust 232 396 Navigator CDO Ltd 2 015 Greenpoint Mortgage Funding Trust 218 165 Lehman XS Net Interest Margin Notes 8 444 Navistar Financial Corp Owner Trust 2 998 Greenwich Capital Commercial Funding 206 665 Lennar Corp 61 849 Neiman-Marcus Group Inc 14 126 GS Mortgage Securities Corp 430 244 Level 3 Communications Inc 35 467 Nelnet Inc 17 016 GS Mortgage Securities Corp 174 613 Liberty Media Corporation 25 920 New Century Home Equity Loan Trust 1 290 GSC Capital Corp Mortgage Trust 158 830 Liberty Mutual Insurance 253 454 New York City Tax Lien 8 616 GSMPS Mortgage Loan Trust 208 153 Liberty Property LP 30 664 New York Life Insurance Co 124 659 GSR Mortgage Loan Trust 961 684 Limited Brands Inc 63 989 New York State 10 006 GSRPM Mortgage Loan Trust 6 521 Lin Television Corp (29 912) New York Times Co 47 612 GSAA Home Equity Trust 70 389 Lincoln National Corp 94 005 Newcastle CDO Limited 996 Guggenheim Structured Real Estate Funding Ltd 19 935 Liz Claiborne Inc 67 580 Newell Rubbermaid Inc 45 705 Halliburton Co 44 062 LNR CDO Ltd 2 277 Newmont Mining Corp 53 219 Harborview Mortgage Loan Trust 310 659 Lodgenet Entertainment 8 116 News Corp 421 357 Harley-Davidson Inc 30 071 Loews Corp 32 296 Nisource Finance Corp 103 742 Harrah’s Operating Company Inc 227 092 Lombarda Lease Finance 4 134 Nissan Master Owner Trust Receivables 9 334 Harsco Corp 12 398 Long Beach Asset Holdings Corporation Nissan Motor Acceptance 126 546 Hartford Financial Services Group Inc 88 441 NIM Trust 13 993 Nomura Asset Acceptance Corp 129 294 Hasco NIM Trust 16 787 Long Beach Mortgage Loan Trust 352 800 Nomura Asset Securities Corp 46 045 HCA Inc 7 166 Lowe’s Cos Inc 92 736 Nordstrom Inc 68 681 Health Care Property Investors Inc 161 624 Lubrizol Corp 80 042 Norfolk Southern Corp 108 353 Health Management Associates Inc 29 984 Luminent Mortgage Trust 350 484 Northstar Educational Finance Inc 11 469 Healthcare Realty Trust Inc 97 506 Lyondell Chemical Co 34 128 Northwest Airlines Corp 8 367 Healthsouth Corp 18 140 Mach One Trust 5 074 Novastar Home Equity Loan 109 859 Hershey Company 31 686 Mack-Cali Realty Corp 24 130 NRG Energy Inc 44 219 Hewlett-Packard Company 30 851 Madison Avenue Manufactured Housing Contr 28 426 Nucor Corp 46 049 High Income Trust Securities 2 669 Magellan Midstream Partners LP 32 192 Nuveen Investments Inc 52 442 Hilton Hotel Pool Trust 40 808 Manor Care Inc 62 962 Oakwood Mortgage Investors Inc 138 435 Hilton Hotels Corp 12 885 Manpower Inc 220 139 Occidental Petroleum Corp 120 782 HJ Heinz Co 132 301 Manufacturers & Traders Trust 30 785 Omnicom Group Inc 17 336 Holmes Financing PLC 54 614 Marathon Oil Corporation 98 118 Oneok Inc 56 671 Home Depot Inc 512 593 Markel Corp 6 892 Oneok Partners LP 76 703 Home Equity Asset Trust 40 817 Marlin BV 434 Opteum Mortgage Acceptance Corporation 228 609 Home Equity Mortgage Trust 13 148 Marriott International, Inc 78 954 Option One Mortgage Loan Trust 40 575 Homebanc Mortgage Trust 180 819 Marriott Vacation Club Owner Trust 1 305 Oracle Corp 355 454

Sovereign, local and municipal bonds are classified under the country in question. Bonds issued by private companies are classified under the country where the company has its headquarters. Holding are based in the trade date. Sell/buyback agreements have forward settlement. Negative holdings may therefore be reports without expressing the true financial exposure.

28 Government Pension Fund – Global Fixed income securities at 31 December 2006

Amercas value in NOK 1000 value in NOK 1000 value in NOK 1000

Oregon ST 21 809 SBA CMBS Trust 31 302 United Parcel Service Inc 40 201 Origen Manufactured Housing 67 605 SBC Communications Inc 661 522 United Rentals Inc (34 712) Owens Corning Inc 63 551 SBI Heloc Trust 30 402 UnitedHealth Group Inc 436 466 Owens-Illinois Inc (45 497) Scana Corporation 66 044 Unitrin Inc 18 333 OWNIT Mortgage Loan Asset-Backed Certific 14 897 Schering-Plough Corp 23 851 Univision Communications Inc 38 061 Ownit Mortgage Loan NIM 830 Scholastic Corp 8 142 UnumProvident Corp 11 306 Pacific Gas & Electric Co 414 575 Science Applications International Corp 13 923 Ursus EPC 12 280 Pactiv Corp 59 645 Scottish Re Group Ltd 10 417 US Cellular Corp 23 615 Park Place Securities Inc 16 449 Seacor Holdings Inc 79 800 US Oncology Inc 8 645 Park Place Securities NIM Trust 12 301 Seagate Technology (38 258) US Treasury 12 658 647 PartnerRe Ltd 6 314 Sealed Air Corp 109 409 USG Corp 58 466 Pepco Holdings Inc 12 535 Sears Roebuck and Co 1 144 232 Valero Energy Corp 288 229 PepsiAmericas Inc 30 470 Sempra Energy 70 436 Vanderbilt Mortgage Finance 28 239 PepsiCo Inc 190 228 Sequoia Mortgage Funding Company 52 Vendee Mortgage Trust 490 Permanent Financing PLC 194 021 Sequoia Mortgage Trust 22 002 Ventas Inc 8 960 Pfizer Inc 205 570 Service Corp International /US 19 856 Verizon Communications Inc 1 153 502 PHHMC Mortgage Pass Through Certificates 14 036 SG Mortgage Securities Nim Trust 21 142 Viacom Inc 541 035 Phoenix Cos Inc/The 8 168 Sharps SP I LLC Net Interest Margin Trust 62 374 Visteon Corp 32 272 Pilgrim’s Pride Corp 10 359 Sierra Pacific Resources 52 345 Volkswagen Credit Auto Master Trust 5 958 Pillar Funding PLC 40 173 Simon Property Group LP 548 762 Vornado Realty 124 463 Pinnacle West Capital Corp 32 589 SLC Student Loan Trust 34 298 Wachovia Asset Securitization 1 011 Pioneer Natural Resources Company 24 547 SLM Corp 2 614 417 Wachovia Bank Commercial Mortgage Trust 610 177 Pitney Bowes Inc 60 698 SLM Student Loan Trust 96 934 Wachovia Corp 1 886 954 Plains All Amer Pipeline 175 704 Smart Home Reinsurance Limited 12 498 Wachovia Cre 24 925 Playtex Products Inc 21 352 Smith International Inc 12 936 Walt Disney Co 222 437 Plum Creek Timber Co Inc 30 770 Smithfield Foods Inc (6 506) Washington Mutual 2 104 621 PMI Group Inc 12 888 Soundview Home Equity Loan Trust 344 664 Washington Mutual Asset Securities Corp 2 035 PNC Financial Services Group Inc 249 231 Soundview NIM Trust 12 710 Washington Mutual Inc 2 116 178 PNC Mortgage Acceptance Corp 115 114 Southern Co 111 831 Washington Mutual Mortgage Securities Corp 75 277 Pogo Producing Co (78 691) Southern Union Co 28 447 Waste Management Inc 30 946 Polo Ralph Lauren 24 465 Southwest Airlines Co 48 779 WellPoint Inc 438 816 Polyone Corp 1 576 Sovereign Bancorp Inc 52 629 Wells Fargo & Co 1 437 771 Popular ABS Mortgage Pass-Through Trust 174 666 Specialty Underwriting & Residential Finance 477 Wells Fargo Home Equity Trust 47 750 Popular Na Inc 190 499 Sprint Spectrum LP/Fin 330 610 Wells Fargo Mortgage Backed Securities Trust 4 002 494 Power Contract Financing LLC 11 369 St Paul Travelers Cos 123 519 Wendy’s International Inc 12 083 PPG Industries Inc 44 355 Stancorp Financial Group Inc 32 333 West Virginia Economic Dev Authority 11 732 PPL Corp 150 981 Standard Pacific Corp 48 353 Weyerhaeuser Co 347 478 Preferred Residential Securities 4 113 Stanfield Clo, Ltd 1 212 WFS Financial Owner Trust 1 120 Principal Life Insurance Co 220 224 Stanley Works/The 17 647 Wheeling Island Gaming 20 738 Procter & Gamble Co 128 362 Staples Inc 13 790 White Mountains Insurance Group Ltd 115 939 Progress Energy Inc 302 548 Starwood Hotels & Resorts Worldwide, Inc 33 219 Williams Cos Inc 39 775 ProLogis 113 138 State of California 5 311 Williams Partners LP/Wil 54 684 Protective Life Corp 103 689 State of Illinois 71 917 Windstream Corp 20 624 Provident Funding Mortgage Loan Trust 154 461 State Street Bank & Trust Co 157 139 Wisconsin Energy Corp 15 585 Providian Gateway Master Trust 64 244 Station Casinos Inc (24 356) WMALT Mortgage Pass-Through Certificates 333 442 Prudential Financial Inc 702 325 Steelcase Inc 15 016 WPS Resources Corp 31 114 Secured 10 119 Stichting Memphis 4 137 Wyeth 476 403 Public Service Company of New Mexico 24 819 STRIPS 1 045 Wyndham Worldwide Corp 61 470 Public Service Enterprise Group Inc 277 470 Structured Adjustable Rate Mortgage Loan Trust 544 975 Wynn Las Vegas LLC/Corp (102 660) Public Service New Hamshire Funding LLC 1 726 Structured Asset Investment Loan Trust 350 139 Xcel Energy Inc 53 812 Puget Energy Inc 19 301 Structured Asset Mortgage Investments Inc 727 074 Xerox Equipment Lease Owner Trust 59 506 Pulte Homes Inc 138 746 Structured Assets Receivables Trust 36 242 XL Capital Ltd 124 074 Quebecor World Inc 27 089 Structures Asset Securities Corporation 718 962 XTO Energy Inc 205 685 Quest Diagnostics Inc 42 332 Suncom Wireless Hldg Inc (6 877) Yellow Pages Income Fund 53 698 Qwest Communications International 32 445 Sungard Data Systems Inc 18 156 Yum! Brands Inc 85 603 RadioShack Corp 4 610 Sunoco Inc 36 741 Zeneca Wilmington Inc 62 855 Range Resources Corp 15 299 Suntrust Banks, Inc 540 828 Zions Bancorporation 51 549 Realogy Corp 81 075 Supervalu Inc 98 074 Zurich Finance (USA) Inc 786 094 Reed Elsevier PLC 136 913 Symetra Financial Corp 77 965 Aames Mortgage Investment Trust 50 021 Regency Centers LP 30 755 Synovus Financial Corp 58 558 Regions Financial Corp 152 295 Tanger Properties LP 30 018 Venezuela Reinsurance Group Of America 79 282 Target Corp 143 105 Bolivarian Republic of Venezuela 119 382 Reliance Steel & Aluminium Co 49 954 Tbw Mortgage Backed Pass Through Certificates 16 031 Renaissance Home Equity Loan Trust 8 283 TECO Energy Inc (9 963) Resi Finance Limited Partnership 50 851 Temple-Inland Inc 84 838 Residental Asset Securities NIM Corp 135 Tennessee Valley Authority 705 539 Residential Accredit Loans Inc 1 862 933 Terwin Mortgage Trust 205 409 Residential Asset Mortgage Products 182 416 Tesoro Corp 12 497 Residential Asset Securities Corp 335 634 Textron Financial Floorplan Master Note Trust 11 791 Residential Asset Securitization Trust 120 972 Textron Inc 168 902 Residential Funding Mortgage Securities 674 892 The Colonial BancGroup Inc 49 370 Residential Funding Securities Corp 10 125 The DIRECTV Group Inc 65 859 Resix Finance Limited 61 624 The Money Store Home Equity Trust 8 427 RH Donnelley Corp 55 502 Thornburg Mortgage 2 740 RJ Reynolds Tobacco Holdings Inc 172 136 Thornburg Mortgage Securities Trust 239 264 Rohm & Haas Co 95 900 Timberstar Trust 32 471 RONA Inc 21 658 Time Warner Inc 1 298 739 Royal Caribbean Cruises Ltd 167 833 TIAA Commercial Real Estate Securities 3 038 Sabre Holdings Corporation 37 783 TIAA Global Markets 62 858 SACO I INC 78 671 Toll Brothers Inc 28 829 SAFECO Corp 72 917 Triad Hospitals Inc 60 715 Safeway Inc 287 804 Trizechahn Office Properties Trust 27 114 Sail Net Interest Margin Notes 15 658 TW Hotel Funding 2005, Llc 174 222 Salomon Brothers Mortgage Securities 23 125 Twin Reefs Pass-Through Trust 21 271 Sanmina-SCI Corp 12 385 TXU Corp 449 076 Sara Lee Corp 268 248 Tyco International Ltd 491 067 Sarawak International Inc 31 730 Tyson Foods Inc 100 946 Sasco Net Interest Margin Trust 8 849 U.S. Bancorp 584 872 Saxon Asset Securities Trust 33 135 Union Pacific Corp 172 689 Sb Finance Nim Trust 45 072 UnionBanCal Corp 75 674

Sovereign, local and municipal bonds are classified under the country in question. Bonds issued by private companies are classified under the country where the company has its headquarters. Holding are based in the trade date. Sell/buyback agreements have forward settlement. Negative holdings may therefore be reports without expressing the true financial exposure.

N o rg es Ba n k In v est men t M a na g emen t A n n u a l R e por t 2006 29 Government Pension Fund – Global Fixed income securities at 31 December 2006 Government Pension Fund – Global Fixed income securities at 31 December 2006

Asia/Oceania Africa value in NOK 1000 value in NOK 1000 value in NOK 1000

Australia Shinsei Bank Ltd 1 047 034 South Africa Amcor Ltd 41 552 Softbank Corporation 64 443 Eskom Holdings Limited 97 801 Australia & New Zealand Banking Group Ltd 1 019 333 Sojitz Corp 79 255 Imperial Holdings Ltd 66 003 Australian government (284 613) Sumitomo Mitsui Banking Corp 1 298 857 Republic of South Africa 251 927 BHP Billiton Ltd 282 036 Takefuji Corporation 161 437 Sasol Financing International PLC 15 996 Commonwealth Bank of Australia 200 835 Tokyo Electric Power Company Inc 105 780 Foster’s Group Ltd 65 652 Toyota Motor Corp 170 854 Tunisia Insurance Australia Group Ltd 48 161 Banque Centrale de Tunisie 57 046 Mantis Reef Ltd II 21 301 Kazakhstan National Australia Bank Ltd 989 691 Bank TuranAlem 48 848 New South Wales Treasury Corp 27 771 Development Bank of Kazakhstan 6 826 Puma Finance Limited 30 660 Halyk Savings Bank Kazakhstan 26 477 Qantas Airways 85 803 JSC Kazkommertsbank 18 368 QBE Insurance Group Ltd 63 548 Stockland Finance Proper 30 477 Korea, republic of International organisations Telstra Corp Ltd 254 619 Export-Import Bank Of Korea 467 845 Westfield Group 339 310 Hana Bank 99 738 African Development Bank 207 054 Hyundai Motor Co 175 415 Asian Development Bank 1 150 934 Bahrain Industrial Bank Of Korea 72 627 Corp Andina de Fomento CA 163 010 Ahli United Bank 1 861 Korea Development Bank 682 256 Eurofima 609 289 Bank Of Bahrain & Kuwait 3 112 Korea East-West Power Co 110 455 European Investment Bank 44 473 232 Gulf International Bank Bsc 9 331 KT Corp 176 131 Inter-American Development Bank 417 116 LG-Caltex Oil Corp 66 188 International Bank for Reconstruction & China, peoples´ republic of Republic of Korea 360 942 Development 451 645 AMP CMBS 6 181 Shinhan Financial Group Co Ltd 223 859 Nordic Investment Bank 152 338 China Development Bank 7 279 Woori Bank 255 160 Cnooc Ltd 91 383 Export-Import Bank Of China 137 430 Malaysia People’s Republic of China 284 374 Malaysian government 314 014 Zhejiang Golden Eagle 2 526 Petroliam Nasional Berhad 171 652 Public Bank Berhad 30 161 Hong Kong Tenaga Nasional Berhad 48 216 Bangkok Bank Pub Co (HK) 24 022 Bank of East Asia Ltd 31 022 New Zealand China Light & Power 33 503 Fonterra Cooperative Group Ltd 42 566 Chinatrust Financial Holding Co 30 581 Government of New Zealand 140 184 Galaxy Casino SA 22 771 Telecom Corp of New Zealand Ltd 122 907 Hong Kong Special Administrative Region 63 323 Hongkong Land Holdings Ltd 66 837 Oman Hutchison Whampoa Limited 1 233 129 Bank Muscat S.A.O.G 25 205 Kerry Properties Ltd 32 094 Kowloon Canton Railway Corp 134 228 Philippines MTR Corporation Limited 100 438 Republic of the Philippines 40 310 Pccw Capital Ltd 62 476 Shimao Property Holdings Ltd 5 518 Qatar Commercial Bank of Qatar 4 734 India Nakilat Inc 77 006 ICICI Bank Ltd 62 895 Qatar Petroleum 233 784 State of Qatar 92 649 Indonesia Republic of Indonesia 32 231 Saudi-Arabia Riyad Bank 1 258 Israel Saudi Basic Industries Corp 64 591 Israel AID 502 972 Saudi British Bank 4 123 Israel Electric Corp 107 444 Singapore Japan Chartered Semiconductor 76 168 Acom Co Ltd 31 635 Development Bank of Singapore 319 824 Aiful Corp 193 218 Oversea-Chinese Banking Corp 97 822 Bank of Tokyo-Mitsubishi Ltd 971 103 PSA Corporation Ltd 477 636 Chuo Mitsui Trust & Banking Co Ltd 334 336 Republic of Singapore 2 115 907 Credit Saison Co Ltd 15 666 Singapore Power Ltd 92 395 Dai-ichi Mutual Life Insurance Co 18 941 Singapore Telecommunications Ltd 211 790 Development Bank of Japan 162 659 United Overseas Bank Ltd 223 614 DTC Five Funding Ltd 48 309 East Japan Railway Co 178 926 Thailand Fujitsu Ltd 26 798 PTT Chemical Pcl 29 830 Fukoku Mutual Life Insurance Co 348 330 PTT Public Company Limited 99 462 Global One Real Estate Investment Corp 76 519 Thai Oil Co Ltd 29 778 Government Housing Loan Co 298 691 Honda Motor Co Ltd 42 683 United Arab Emirates Japan Bank for International Cooperation 209 991 Abu Dhabi Commercial Bank 546 596 Japan Fin Corp S&M Entrp 76 551 Abu Dhabi National Energy Co 729 383 Japan Finance Corporation for Municipal National Bank of Abu Dhabi 6 238 Enterprises 1 278 030 National Bank of Dubai 4 382 Japan Highway Public Corporation 79 810 Japanese government 43 734 142 J-WBS Funding KK 52 496 Kal Japan ABS 10 955 Mizuho Bank Ltd 2 736 670 Nippon Life Insurance 19 860 Nippon Residential Investment Corp 52 474 NIS Group Co Ltd 51 497 Norinchukin Bank 413 711 Orchid Seven 26 127 ORIX Corp 156 010 Premier Investment Co 50 948 Promise Co Ltd 52 528 Resona Bank Ltd 2 226 144 Shinkin Central Bank Cla 63 729

Sovereign, local and municipal bonds are classified under the country in question. Bonds issued by private companies are classified under the country where the company has its headquarters. Holding are based in the trade date. Sell/buyback agreements have forward settlement. Negative holdings may therefore be reports without expressing the true financial exposure.

30 Foreign exchange reserves Holding of equities at 31 December 2006

Europe Ownership stake (per cent) Voting (per cent) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Market value (NOK 1000)

Austria Hermes International 53 310 0,064 0,064 Erste Bank der Oesterreichischen Sparkassen AG 98 533 0,067 0,067 Imerys SA 931 0,003 0,003 EVN AG 7 985 0,027 0,027 JC Decaux SA 9 350 0,024 0,024 Immoeast AG 20 250 0,042 0,042 Klepierre 26 339 0,049 0,049 IMMOFINANZ Immobilien Anlagen AG 34 698 0,087 0,087 Lafarge SA 102 274 0,063 0,063 OMV AG 48 077 0,046 0,046 Lagardere SCA 54 186 0,076 0,076 Raiffeisen International Bank Holding AG 42 261 0,031 0,031 Legrand SA 16 480 0,034 0,000 Telekom Austria AG 42 369 0,051 0,051 LOreal SA 162 007 0,041 0,041 Verbund - Oesterreichische Elektrizitaetswirtschafts AG 13 829 0,014 0,028 LVMH Moet Hennessy Louis Vuitton SA 396 0,000 0,000 Voestalpine AG 49 508 0,089 0,089 Mittal Steel Co NV 177 278 0,049 0,072 Wiener Staedtische Versicherung AG 11 775 0,026 0,026 Natixis 53 388 0,025 0,025 Wienerberger AG 25 771 0,094 0,094 PagesJaunes Groupe SA 12 062 0,035 0,035 Pernod-Ricard SA 111 159 0,086 0,086 Belgium Peugeot SA 68 487 0,071 0,071 AGFA-Gevaert NV 35 546 0,174 0,174 PPR 42 503 0,036 0,036 Almancora Comm Va 64 980 0,131 0,131 Publicis Groupe 26 464 0,051 0,051 Belgacom SA 33 966 0,034 0,034 Rallye SA 67 177 0,509 0,509 Colruyt SA 16 252 0,034 0,034 Renault SA 131 549 0,062 0,062 Delhaize Group 49 533 0,099 0,099 Sanofi-Aventis 520 153 0,067 0,067 Dexia 126 979 0,065 0,041 Schneider Electric SA 121 577 0,078 0,078 Fortis 140 901 0,041 0,041 SES Global SA 25 793 0,042 0,066 Groupe Bruxelles Lambert SA 279 957 0,254 0,256 Societe BIC SA 4 493 0,021 0,021 InBev NV 44 668 0,018 0,018 Societe Des Autoroutes Paris-Rhin-Rhone 8 714 0,016 0,016 KBC Groep NV 65 553 0,024 0,024 Societe Generale 435 824 0,090 0,090 Mobistar SA 14 379 0,043 0,043 Societe Television Francaise 1 22 481 0,046 0,046 Nationale A Portefeuille 15 243 0,034 0,034 Sodexho Alliance SA 36 173 0,058 0,058 RTL Group SA 8 444 0,008 0,008 STMicroelectronics NV 65 573 0,062 0,062 Solvay SA 33 583 0,042 0,042 Suez SA 287 091 0,070 0,070 UCB SA 41 028 0,053 0,054 Technip SA 59 141 0,124 0,124 Umicore 27 154 0,099 0,091 Thomson 67 182 0,202 0,202 Total SA 881 813 0,081 0,081 Denmark Unibail 63 398 0,091 0,091 AP Moller - Maersk A/S 94 362 0,037 0,037 Valeo SA 15 160 0,076 0,076 Carlsberg A/S 27 875 0,061 0,012 Vallourec 54 912 0,057 0,057 Coloplast A/S 5 565 0,021 0,022 Veolia Environnement 168 352 0,085 0,085 Danisco A/S 19 858 0,075 0,075 Vinci SA 163 676 0,088 0,088 Danske Bank A/S 156 955 0,089 0,089 Vivendi 212 374 0,076 0,076 H Lundbeck A/S 6 820 0,019 0,019 Wendel Investissement 25 053 0,049 0,049 Jyske Bank 24 231 0,088 0,088 Novo-Nordisk A/S 125 706 0,072 0,086 Germany Novozymes A/S 24 488 0,070 0,084 Adidas AG 55 004 0,087 0,087 Vestas Wind Systems A/S 34 604 0,071 0,071 Allianz SE 499 805 0,091 0,091 William Demant Holding 4 865 0,015 0,015 Altana AG 21 900 0,040 0,040 BASF AG 258 572 0,085 0,085 Finland Bayer AG 208 078 0,082 0,082 Fortum OYJ 70 384 0,045 0,045 Bayerische Hypo-und Vereinsbank AG 14 309 0,007 0,007 Kone OYJ (95) 0,000 0,000 Bayerische Motoren Werke AG 103 732 0,044 0,048 Metso OYJ 40 823 0,092 0,092 Beiersdorf AG 13 459 0,013 0,013 Neste Oil OYJ 20 050 0,041 0,041 Celesio AG 21 709 0,038 0,038 Nokia OYJ 433 946 0,083 0,083 Commerzbank AG 132 916 0,085 0,085 Outokumpu OYJ 30 100 0,068 0,068 Continental AG 90 166 0,085 0,085 Sampo OYJ 68 079 0,072 0,072 DaimlerChrysler AG 332 651 0,085 0,085 Sanoma-WSOY OYJ 6 244 0,022 0,022 Depfa Bank PLC 32 663 0,083 0,083 Stora Enso OYJ 83 166 0,106 0,018 Deutsche Bank AG 361 289 0,083 0,083 Tietoenator OYJ 7 477 0,046 0,051 Deutsche Boerse AG 120 818 0,103 0,103 UPM-Kymmene OYJ (3 189) -0,004 0,000 Deutsche Lufthansa AG 15 077 0,019 0,019 Deutsche Post AG 120 397 0,054 0,054 France Deutsche Postbank AG 31 589 0,037 0,037 Accor SA 86 123 0,084 0,084 Deutsche Telekom AG 417 234 0,083 0,083 ADP 10 530 0,022 0,000 E.ON AG 491 006 0,084 0,084 Air France-KLM 39 077 0,055 0,055 Fraport AG Frankfurt Airport Services Worldwide 12 217 0,030 0,030 Air Liquide 148 926 0,083 0,083 Fresenius AG 17 149 0,026 0,014 Alcatel-Lucent 157 641 0,076 0,034 Fresenius Medical Care AG & Co KGaA 26 444 0,032 0,033 Alstom 73 985 0,063 0,063 Hannover Rueckversicherung AG 19 036 0,055 0,055 Arkema 16 135 0,084 0,000 HeidelbergCement AG 17 432 0,017 0,017 Assurances Generales de France 50 705 0,027 0,027 Heidelberger Druckmaschinen AG 13 098 0,054 0,054 Atos Origin SA 12 341 0,049 0,049 Henkel KGaA 54 570 0,044 0,072 AXA SA 481 580 0,091 0,091 Hypo Real Estate Holding AG 52 153 0,099 0,099 BNP Paribas 578 238 0,092 0,092 Infineon Technologies AG 58 990 0,090 0,090 Bouygues 89 530 0,067 0,067 KarstadtQuelle AG 2 928 0,008 0,008 Cap Gemini SA 30 437 0,054 0,054 Lanxess AG 25 056 0,085 0,085 Carrefour SA 246 050 0,093 0,093 Linde AG 63 345 0,063 0,063 Casino Guichard Perrachon SA (50 179) -0,080 0,000 MAN AG 60 660 0,074 0,077 Christian Dior SA 241 606 0,201 0,201 Merck KGaA 12 079 0,010 0,037 Cie de Saint-Gobain 154 164 0,084 0,084 Metro AG 29 137 0,022 0,023 Cie Generale dOptique Essilor International SA 26 487 0,038 0,038 MLP AG 7 697 0,057 0,057 Ciments Francais SA 11 492 0,025 0,025 Muenchener Rueckversicherungs AG 221 813 0,090 0,090 CNP Assurances 30 249 0,031 0,031 Porsche AG 61 739 0,045 0,000 Compagnie Generale des Etablissements Michelin 56 318 0,066 0,066 Puma AG Rudolf Dassler Sport 32 702 0,079 0,079 Credit Agricole SA 151 083 0,039 0,039 RWE AG 233 306 0,061 0,065 Dassault Systemes SA 9 682 0,025 0,025 Salzgitter AG 34 799 0,068 0,068 Eiffage SA 40 747 0,074 0,074 SAP AG 185 616 0,044 0,044 Electricite de France 96 620 0,012 0,012 Siemens AG 424 249 0,077 0,077 Euler Hermes SA 10 309 0,026 0,026 Suedzucker AG 6 617 0,023 0,023 Eurazeo 23 085 0,050 0,050 ThyssenKrupp AG 79 847 0,053 0,053 Euronext NV 90 945 0,110 0,110 TUI AG 27 806 0,089 0,089 France Telecom SA 221 990 0,050 0,050 Volkswagen AG 138 026 0,055 0,000 Gaz de France SA 53 959 0,019 0,019 Wacker Chemie AG 10 838 0,026 0,026 Gecina SA 12 273 0,017 0,017 Groupe Danone 212 988 0,087 0,087

N o rg es Ba n k In v est men t M a na g emen t A n n u a l R e por t 2006 31 Foreign exchange reserves Holding of equities at 31 December 2006

Europe Ownership stake (per cent) Voting (per cent) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Market value (NOK 1000)

Greece TNT NV 90 816 0,074 0,074 Alpha Bank AE 67 851 0,088 0,088 Unilever NV 233 891 0,080 0,000 Coca Cola Hellenic Bottling Co SA 20 588 0,035 0,035 Wolters Kluwer NV 35 238 0,064 0,064 Cosmote Mobile Telecommunications SA 19 921 0,032 0,032 EFG Eurobank Ergasias SA 57 730 0,067 0,067 Portugal Emporiki Bank of Greece SA 17 097 0,068 0,068 Banco BPI SA 22 976 0,062 0,062 Hellenic Petroleum SA 9 602 0,037 0,037 Banco Comercial Portugues SA 48 155 0,058 0,058 Hellenic Telecommunications Organization SA 62 628 0,068 0,068 Banco Espirito Santo SA 12 717 0,023 0,023 National Bank of Greece SA 75 995 0,056 0,056 Brisa-Auto Estradas de Portugal SA 22 887 0,049 0,055 OPAP SA 48 844 0,064 0,064 Cimpor Cimentos de Portugal SGPS SA 8 930 0,026 0,026 Piraeus Bank SA 50 850 0,094 0,094 Energias de Portugal SA 72 755 0,063 0,063 Public Power Corp 1 678 0,005 0,005 Portugal Telecom SGPS SA 75 612 0,083 0,083 Titan Cement Co SA 16 758 0,060 0,064 PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA 5 888 0,024 0,024 Ireland Allied Irish Banks PLC 136 576 0,084 0,084 Spain Anglo Irish Bank Corp PLC 78 007 0,084 0,084 Abertis Infraestructuras SA 4 835 0,004 0,005 Bank of Irleand 120 124 0,086 0,086 Acciona SA 27 333 0,037 0,037 CRH PLC 117 708 0,079 0,084 Acerinox SA 39 022 0,079 0,079 Elan Corp PLC 31 880 0,084 0,084 ACS Actividades Cons y Serv 87 286 0,071 0,071 Irish Life & Permanent PLC 45 168 0,095 0,096 Altadis SA 17 447 0,021 0,018 Kerry Group PLC 18 559 0,064 0,064 Antena 3 de Television SA 6 703 0,021 0,021 Ryanair Holdings PLC 27 481 0,042 0,037 Banco Bilbao Vizcaya Argentaria SA 460 667 0,087 0,087 Banco Espanol de Credito SA 6 433 0,007 0,007 Italy Banco Popular Espanol SA 111 879 0,082 0,082 AEM SpA 18 755 0,050 0,050 Banco Sabadell SA 74 973 0,088 0,088 Alitalia SpA 25 863 0,217 0,216 Banco Santander Central Hispano SA 574 618 0,079 0,079 Alleanza Assicurazioni SpA 28 689 0,041 0,041 Bankinter SA 22 106 0,057 0,057 Assicurazioni Generali SpA 319 679 0,092 0,092 Cia Espanola de Petroleos 9 022 0,007 0,007 Autogrill SpA 8 750 0,030 0,030 Cintra Concesiones de Infraestructuras de Transporte SA 15 049 0,028 0,028 Autostrade SpA 70 034 0,068 0,068 Corp Financiera Alba 15 448 0,051 0,051 Banca Carige SpA 14 409 0,035 0,041 Corp Mapfre SA 12 381 0,037 0,037 Banca Intesa SpA 134 955 0,041 0,047 Enagas 25 550 0,074 0,074 Banca Lombarda e Piemontese SpA 38 772 0,078 0,077 Endesa SA 263 072 0,084 0,084 Banca Monte dei Paschi di Siena SpA 45 245 0,037 0,046 Fomento de Construcciones y Contratas SA 33 222 0,040 0,040 Banca Popolare dellEmilia Romagna Scrl 29 970 0,084 0,084 Gamesa Corp Tecnologica SA 18 262 0,044 0,044 Banca Popolare di Milano SCRL 43 580 0,097 0,097 Gas Natural SDG SA 48 283 0,044 0,044 Banca Popolare Italiana Scrl 58 061 0,096 0,096 Gestevision Telecinco SA 4 947 0,011 0,011 Banche Popolari Unite SCPA 48 959 0,083 0,083 Grupo Ferrovial SA 36 001 0,042 0,042 Banco Popolare di Verona e Novara Scrl 56 522 0,084 0,084 Iberdrola SA 162 327 0,066 0,066 Benetton Group SpA 7 455 0,034 0,034 Inditex SA 35 281 0,017 0,017 Bulgari SpA 7 132 0,027 0,027 Metrovacesa SA 14 160 0,013 0,013 Capitalia SpA 103 221 0,068 0,068 Promotora de Informaciones SA 9 788 0,041 0,041 Enel SpA 249 513 0,063 0,063 Repsol YPF SA 218 116 0,083 0,083 ENI SpA 473 787 0,057 0,057 Sacyr Vallehermoso SA 39 220 0,037 0,037 Fiat SpA 80 062 0,054 0,062 Sogecable SA 5 773 0,019 0,019 Fondiaria-Sai SpA 27 612 0,056 0,069 Telefonica SA 463 387 0,071 0,071 Gas Plus 15 206 0,446 0,445 Union Fenosa SA 39 624 0,042 0,042 Gruppo Editoriale LEspresso SpA 4 846 0,033 0,033 Zardoya Otis SA 16 555 0,033 0,033 IFIL - Investments SpA 26 326 0,048 0,050 Italcementi SpA 24 644 0,058 0,048 Sweden Lottomatica SpA 13 186 0,034 0,034 Assa Abloy AB 39 460 0,080 0,084 Luxottica Group SpA 19 108 0,022 0,022 Atlas Copco AB 91 199 0,070 0,064 Mediaset SpA 50 703 0,058 0,058 Boliden AB 39 277 0,085 0,085 Mediobanca SpA 45 323 0,038 0,038 Electrolux AB 10 615 0,028 0,028 Mediolanum SpA 8 286 0,022 0,022 Hennes & Mauritz AB 39 495 0,015 0,017 Parmalat SpA 36 823 0,084 0,084 Holmen AB 14 024 0,061 0,083 Pirelli & C SpA 22 452 0,068 0,069 Husqvarna AB 8 614 0,030 0,031 RCS MediaGroup SpA 12 558 0,053 0,055 Industrivarden AB 44 516 0,095 0,099 Saipem SpA 46 919 0,066 0,066 Investor AB 114 688 0,098 0,098 SanPaolo IMI SpA 219 057 0,081 0,095 Nordea Bank AB 158 234 0,060 0,061 Saras SpA 37 428 0,118 0,119 Sandvik AB 81 435 0,076 0,076 Seat Pagine Gialle SpA 15 118 0,049 0,050 Scania AB 45 918 0,052 0,027 Snam Rete Gas SpA 31 652 0,046 0,046 Securitas AB 6 243 0,018 0,019 Telecom Italia SpA 366 374 0,106 0,094 Securitas Direct AB 8 731 0,121 0,127 Terna Rete Elettrica Nazionale SpA 28 717 0,068 0,068 Securitas Systems AB 1 439 0,016 0,016 UniCredito Italiano SpA 366 020 0,064 0,064 Skandinaviska Enskilda Banken AB 104 641 0,077 0,080 Unipol SpA 31 535 0,062 0,064 Skanska AB 38 031 0,074 0,078 SKF AB 35 528 0,068 0,034 Netherlands Ssab Svenskt Staal AB 33 791 0,089 0,090 ABN AMRO Holding NV 316 239 0,083 0,083 Svenska Cellulosa AB 60 867 0,079 0,095 Aegon NV 185 341 0,096 0,096 Svenska Handelsbanken AB 104 834 0,086 0,087 Akzo Nobel NV 88 070 0,081 0,081 Swedbank AB 55 756 0,048 0,048 ASML Holding NV 61 477 0,082 0,082 Swedish Match AB 5 856 0,017 0,018 Corio NV 31 135 0,091 0,091 Tele2 AB 31 206 0,077 0,086 Fortis 143 985 0,042 0,042 Telefonaktiebolaget LM Ericsson 312 860 0,077 0,045 Heineken Holding NV 77 828 0,126 0,126 TeliaSonera AB 125 036 0,052 0,052 Heineken NV 10 605 0,007 0,007 Volvo AB 132 012 0,072 0,074 ING Groep NV 591 227 0,098 0,097 Koninklijke Ahold NV 96 088 0,093 0,093 Switzerland Koninklijke DSM NV 58 243 0,094 0,094 ABB Ltd 155 554 0,064 0,064 Koninklijke Philips Electronics NV 140 014 0,049 0,049 Adecco SA 6 266 0,008 0,008 Mittal Steel Co NV 69 559 0,019 0,028 Baloise Holding AG 31 571 0,092 0,092 Randstad Holdings NV 6 902 0,014 0,014 Ciba Specialty Chemicals AG 23 267 0,081 0,081 Reed Elsevier NV 54 182 0,068 0,068 Clariant AG 15 128 0,071 0,071 Rodamco Europe NV 51 561 0,070 0,070 Compagnie Financiere Richemont AG 147 939 0,071 0,078 Royal KPN NV 155 762 0,087 0,087 Credit Suisse Group 299 717 0,057 0,057 Royal Numico NV 51 271 0,080 0,080 Geberit AG 33 469 0,084 0,084 SNS Reaal 12 378 0,039 0,000 Givaudan 38 364 0,092 0,092 Stork NV 39 520 0,366 0,366 Holcim Ltd 90 230 0,063 0,063

32 Foreign exchange reserves Holding of equities at 31 December 2006

Europe Ownership stake (per cent) Voting (per cent) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Market value (NOK 1000)

Julius Baer Holding AG 83 099 0,109 0,109 Kazakhmys PLC 22 087 0,034 0,034 Kuehne & Nagel International AG 22 764 0,042 0,042 Kelda Group PLC 34 066 0,084 0,084 Lonza Group AG 18 848 0,070 0,070 Kesa Electricals PLC 14 335 0,065 0,065 Nestle SA 723 430 0,082 0,082 Kingfisher PLC 43 827 0,064 0,064 Nobel Biocare Holding AG 14 160 0,029 0,029 Ladbrokes PLC 25 364 0,079 0,079 Novartis AG 754 593 0,077 0,077 Land Securities Group PLC 110 421 0,083 0,083 Pargesa Holding SA 25 153 0,042 0,046 Legal & General Group PLC 112 421 0,090 0,090 Petroplus Holdings AG 5 662 0,025 0,000 Liberty International PLC 51 846 0,084 0,084 Roche Holding AG 589 517 0,060 0,017 Lloyds TSB Group PLC 336 728 0,085 0,086 Schindler Holding AG 15 595 0,032 0,031 LogicaCMG PLC 41 030 0,118 0,118 Serono SA 26 924 0,032 0,044 Lonmin PLC 46 381 0,088 0,088 SGS SA 10 542 0,019 0,019 Man Group PLC 101 709 0,085 0,073 Straumann Holding AG 4 573 0,019 0,019 Marks & Spencer Group PLC 94 257 0,064 0,064 Swatch Group AG 53 744 0,065 0,059 Misys PLC 17 277 0,131 0,131 Swiss Life Holding 52 805 0,100 0,100 Mitchells & Butlers PLC 28 571 0,081 0,081 Swiss Reinsurance 169 216 0,086 0,086 National Grid PLC 204 737 0,084 0,084 Swisscom AG 71 709 0,054 0,054 Next PLC 31 879 0,063 0,063 Syngenta AG 88 312 0,073 0,073 Northern Rock PLC 51 479 0,085 0,085 Synthes Inc 11 381 0,013 0,013 Old Mutual PLC 103 904 0,089 0,090 UBS AG 753 225 0,095 0,095 PartyGaming PLC 3 847 0,025 0,025 Zurich Financial Services AG 217 888 0,090 0,090 Pearson PLC 59 154 0,078 0,078 Persimmon PLC 43 979 0,079 0,079 United Kingdom Provident Financial PLC 17 915 0,082 0,082 3i Group PLC 48 093 0,084 0,084 Prudential PLC 186 811 0,090 0,090 Aegis Group PLC 15 957 0,082 0,082 Rank Group PLC 13 877 0,090 0,090 Alliance & Leicester PLC 53 199 0,086 0,086 Reckitt Benckiser PLC 164 511 0,080 0,080 Alliance Boots PLC 82 745 0,084 0,084 Reed Elsevier PLC 67 642 0,079 0,079 Alliance Trust PLC/The 25 387 0,085 0,000 Rentokil Initial PLC 30 519 0,083 0,083 Amvescap PLC 50 629 0,085 0,085 Reuters Group PLC 55 471 0,080 0,080 Anglo American PLC 402 056 0,089 0,089 Rexam PLC 1 858 0,005 0,005 Antofagasta PLC 21 814 0,036 0,036 Rio Tinto PLC 350 105 0,102 0,103 Associated British Foods PLC 28 964 0,036 0,036 Rolls-Royce Group PLC 60 999 0,063 0,063 AstraZeneca PLC 437 995 0,086 0,086 Royal & Sun Alliance Insurance Group 47 618 0,087 0,087 Aviva PLC 232 672 0,091 0,091 Royal Bank of Scotland Group PLC 662 208 0,086 0,086 Barclays PLC 495 019 0,085 0,085 Royal Dutch Shell PLC 1 233 313 0,087 0,087 BBA Aviation PLC 27 793 0,203 0,203 SABMiller PLC 105 715 0,049 0,049 BG Group PLC 260 468 0,090 0,090 Sage Group PLC 54 990 0,129 0,129 BHP Billiton PLC 308 610 0,110 0,110 Schroders PLC 26 915 0,068 0,062 Biffa PLC 11 404 0,087 0,087 Scottish & Newcastle PLC 41 680 0,065 0,065 BP PLC 1 224 776 0,087 0,087 Scottish & Southern Energy PLC 146 673 0,090 0,090 Bradford & Bingley PLC 30 274 0,083 0,083 Scottish Mortgage Investment Trust PLC 15 328 0,083 0,000 British Airways PLC 29 363 0,040 0,040 Scottish Power PLC 122 600 0,090 0,090 British American Tobacco PLC 171 600 0,047 0,047 Severn Trent PLC 37 068 0,088 0,088 British Energy Group PLC 34 050 0,090 0,090 Shire PLC 54 238 0,084 0,084 British Land Co PLC 90 812 0,084 0,084 Signet Group PLC 16 263 0,066 0,066 British Sky Broadcasting Group PLC 65 959 0,059 0,059 Slough Estates PLC 37 698 0,084 0,084 BT Group PLC 234 358 0,077 0,077 Smith & Nephew PLC 22 846 0,037 0,037 Bunzl PLC 22 292 0,086 0,086 Smiths Group PLC 43 165 0,063 0,063 Burberry Group PLC 93 659 0,268 0,268 Standard Chartered PLC 215 582 0,085 0,086 Cable & Wireless PLC 34 335 0,074 0,074 Tate & Lyle PLC 33 165 0,072 0,072 Cadbury Schweppes PLC 101 429 0,073 0,073 Tesco PLC 329 262 0,084 0,084 Cairn Energy PLC 30 027 0,085 0,085 Travis Perkins PLC 24 667 0,084 0,084 Capita Group PLC 38 702 0,083 0,083 Trinity Mirror PLC 13 691 0,082 0,082 Carnival PLC 39 397 0,059 0,059 Unilever PLC 167 492 0,073 0,073 Carphone Warehouse Group PLC 8 856 0,026 0,026 United Business Media PLC 19 030 0,081 0,079 Centrica PLC 131 579 0,084 0,084 United Utilities PLC 69 938 0,084 0,084 Cobham PLC 16 851 0,064 0,064 Vedanta Resources PLC 18 580 0,044 0,044 Compass Group PLC 60 237 0,083 0,083 Vodafone Group PLC 847 810 0,093 0,093 Corus Group PLC 49 965 0,086 0,086 Whitbread PLC 36 224 0,081 0,081 Daily Mail & General Trust 19 409 0,056 0,000 William Hill PLC 22 485 0,083 0,083 Diageo PLC 222 843 0,066 0,066 Witan Investment Trust PLC 12 230 0,065 0,000 Drax Group PLC 38 102 0,104 0,104 WM Morrison Supermarkets PLC 69 331 0,084 0,084 DSG International PLC 27 183 0,064 0,064 Wolseley PLC 82 953 0,084 0,084 Electrocomponents PLC 13 035 0,084 0,084 WPP Group PLC 81 427 0,077 0,077 Emap PLC 16 424 0,077 0,077 Xstrata PLC 194 915 0,067 0,067 EMI Group PLC 20 119 0,078 0,078 Yell Group PLC 45 010 0,084 0,084 Enterprise Inns PLC 42 229 0,087 0,087 Experian Group Ltd 57 169 0,077 0,077 Fiberweb PLC 6 291 0,203 0,000 Foreign & Colonial Investment Trust PLC 22 379 0,069 0,000 Friends Provident PLC 51 175 0,090 0,090 Gallaher Group PLC 66 505 0,073 0,073 GKN PLC 61 771 0,256 0,256 GlaxoSmithKline PLC 801 722 0,085 0,085 Group 4 Securicor PLC 24 373 0,084 0,084 Hammerson PLC 46 186 0,084 0,084 Hanson PLC 27 313 0,041 0,041 Hays PLC 23 983 0,085 0,085 HBOS PLC 450 755 0,087 0,087 Home Retail Group 27 714 0,063 0,063 HSBC Holdings PLC 1 119 069 0,085 0,085 ICAP PLC 23 840 0,063 0,063 Imperial Chemical Industries PLC 55 004 0,084 0,084 Imperial Tobacco Group PLC 124 046 0,075 0,075 Intercontinental Hotels Group PLC 43 709 0,077 0,077 International Power PLC 62 740 0,091 0,091 ITV PLC 40 226 0,080 0,080 J Sainsbury PLC 71 636 0,084 0,039 Johnson Matthey PLC 31 383 0,083 0,083 Johnston Press PLC 11 338 0,082 0,082

N o rg es Ba n k In v est men t M a na g emen t A n n u a l R e por t 2006 33 Foreign exchange reserves Holding of equities at 31 December 2006

Americas Ownership stake (per cent) Voting (per cent) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Market value (NOK 1000)

Brazil Nova Chemicals Corp 4 757 0,033 0,033 Acesita SA 1 692 0,014 0,000 Petro-Canada 45 737 0,036 0,036 AES Tiete SA 2 665 0,015 0,010 Potash Corp of Saskatchewan 36 210 0,039 0,039 All America Latina Logistica SA 11 094 0,030 0,030 Power Corp Of Canada 29 950 0,035 0,039 Aracruz Celulose SA 6 969 0,018 0,000 Power Financial Corp 25 267 0,018 0,018 Arcelor Brasil SA 19 250 0,024 0,024 Research In Motion Ltd 48 246 0,033 0,033 Banco Bradesco SA 39 911 0,016 0,000 Rogers Communications Inc 37 496 0,031 0,000 Banco do Brasil SA 15 067 0,010 0,010 Royal Bank of 121 927 0,032 0,032 Banco Itau Holding Financeira SA 42 527 0,017 0,000 Saputo Inc 3 571 0,017 0,017 Banco Nossa Caixa SA 1 444 0,010 0,010 Shaw Communications Inc 13 513 0,032 0,034 Bradespar SA 6 545 0,026 0,012 Shell Canada Ltd 20 051 0,010 0,010 Brasil Telecom Participacoes SA 6 346 0,024 0,018 Shoppers Drug Mart Corp 23 833 0,041 0,041 Brasil Telecom SA 2 346 0,008 0,000 Sun Life Financial Inc 40 900 0,027 0,027 Braskem SA 2 451 0,015 0,000 Suncor Energy Inc 80 293 0,036 0,036 Centrais Eletricas Brasileiras SA 6 547 0,008 0,010 Talisman Energy Inc 41 944 0,036 0,036 Cia Brasileira de Distribuicao Grupo Pao de Acucar 4 592 0,018 0,000 Teck Cominco Ltd 32 340 0,032 0,033 Cia de Bebidas das Americas 40 803 0,022 0,000 TELUS Corp 16 545 0,017 0,011 Cia de Concessoes Rodoviarias 10 150 0,030 0,030 Thomson Corp/The 16 440 0,010 0,010 Cia de Saneamento Basico do Estado de Sao Paulo 2 673 0,011 0,011 Toronto-Dominion Bank 85 582 0,032 0,032 Cia de Transmissao de Energia Eletrica Paulista 968 0,007 0,000 TransAlta Corp 9 475 0,033 0,033 Cia Energetica de Minas Gerais 10 359 0,022 0,006 TransCanada Corp 34 232 0,032 0,032 Cia Paranaense de Energia 4 582 0,025 0,016 Cia Siderurgica Nacional SA 12 845 0,025 0,025 Mexico Cia Vale do Rio Doce 94 359 0,022 0,016 Alfa SAB de CV 3 771 0,016 0,016 Cosan SA Industria e Comercio 3 145 0,013 0,013 America Movil SA de CV 133 176 0,026 0,000 CPFL Energia SA 1 243 0,003 0,003 America Telecom SA de CV 57 543 0,030 0,000 EDP - Energias do Brasil SA 2 041 0,013 0,013 Carso Global Telecom SAB de CV 7 773 0,009 0,010 Eletropaulo Metropolitana de Sao Paulo SA 2 491 0,020 0,000 Carso Infraestructura y Construccion SA de CV 249 0,002 0,002 Gerdau SA 12 783 0,020 0,010 Cemex SAB de CV 12 461 0,008 0,008 Gol Linhas Aereas Inteligentes SA 3 956 0,011 0,000 Coca-Cola Femsa SAB de CV 2 411 0,006 0,038 Guararapes Confeccoes SA 1 119 0,006 0,012 Consorcio ARA SA de CV 3 357 0,024 0,024 Investimentos Itau SA 20 798 0,019 0,000 Corp GEO SAB de CV 4 385 0,026 0,026 Klabin SA 3 088 0,018 0,000 Desarrolladora Homex SAB de CV 3 775 0,018 0,018 Lojas Americanas SA 4 004 0,016 0,000 Fomento Economico Mexicano SAB de CV 12 853 0,016 0,025 Metalurgica Gerdau SA 5 197 0,022 0,000 Gruma SAB de CV 959 0,009 0,009 Natura Cosmeticos SA 13 742 0,037 0,037 Grupo Aeroportuario del Pacifico SA de CV 3 734 0,027 0,032 NET Servicos de Comunicacao SA 4 131 0,032 0,000 Grupo Bimbo SA de CV 3 732 0,010 0,010 Perdigao SA 3 802 0,026 0,026 Grupo Carso SA de CV 15 049 0,028 0,028 Petroleo Brasileiro SA 167 758 0,025 0,009 Grupo Continental SA 565 0,006 0,006 Sadia SA 3 055 0,021 0,000 Grupo Elektra SA de CV 5 357 0,029 0,029 Souza Cruz SA 3 417 0,010 0,010 Grupo Financiero Banorte SA de CV 16 160 0,033 0,033 Tele Norte Leste Participacoes SA 11 099 0,024 0,016 Grupo Financiero Inbursa SA 3 925 0,011 0,011 Telecomunicacoes de Sao Paulo SA 3 926 0,005 0,008 Grupo Mexico SAB de CV 19 374 0,033 0,033 Telemar Norte Leste SA 1 981 0,004 0,000 Grupo Modelo SA 5 080 0,005 0,023 Telemig Celular Participacoes SA 1 562 0,029 0,027 Grupo Televisa SA 27 698 0,033 0,033 Tim Participacoes SA 15 244 0,024 0,016 Impulsora Del Desarrollo Y El Empleo en America Tractebel Energia SA 4 272 0,012 0,012 Latina SA de CV 167 0,001 0,001 Usinas Siderurgicas de Minas Gerais SA 12 738 0,022 0,013 Industrias Penoles SA de CV 2 802 0,012 0,012 Vivo Participacoes SA 3 503 0,008 0,000 Kimberly-Clark de Mexico SAB de CV 4 169 0,013 0,025 Votorantim Celulose e Papel SA 3 675 0,015 0,000 Organizacion Soriana SAB de CV 1 439 0,006 0,006 Weg SA 3 215 0,013 0,000 Telefonos de Mexico SAB de CV 33 756 0,019 0,000 TV Azteca SA de CV 2 062 0,020 0,020 Canada Urbi Desarrollos Urbanos SA de CV 1 722 0,009 0,009 Agrium Inc 8 377 0,032 0,032 Alcan Inc 37 202 0,033 0,033 United States of america Bank of Montreal 58 301 0,032 0,032 3M Co 99 105 0,028 0,028 Bank of Nova Scotia 88 212 0,032 0,032 Abbott Laboratories 166 038 0,036 0,036 Barrick Gold Corp 65 262 0,039 0,039 Abercrombie & Fitch Co 13 069 0,034 0,034 BCE Inc 18 290 0,013 0,013 Accenture Ltd 37 840 0,021 0,028 Bell Aliant Regional Communications Income Fund 82 0,000 0,000 ACE Ltd 50 555 0,041 0,041 Biovail Corp 7 662 0,036 0,036 Adobe Systems Inc 46 280 0,031 0,031 Brookfield Asset Management Inc 17 513 0,015 0,015 Advanced Micro Devices Inc 22 152 0,032 0,032 Brookfield Properties Corp 6 925 0,011 0,011 AES Corp/The 22 578 0,025 0,025 Cameco Corp 29 110 0,033 0,033 Aetna Inc 43 589 0,031 0,031 Canadian Imperial Bank of Commerce/CA 55 714 0,032 0,032 Affiliated Computer Services Inc 11 377 0,038 0,041 Canadian National Railway Co 54 525 0,039 0,039 Affymetrix Inc 13 066 0,134 0,134 Canadian Natural Resources Ltd 63 491 0,036 0,036 Aflac Inc 35 656 0,025 0,025 Canadian Pacific Railway Ltd 19 980 0,039 0,039 AG Edwards Inc 6 942 0,023 0,023 Canadian Tire Corp Ltd 9 855 0,032 0,000 AGCO Corp 5 394 0,031 0,031 Canadian Utilities Ltd 5 025 0,016 0,000 Agere Systems Inc 8 047 0,040 0,040 Celestica Inc 2 467 0,022 0,026 Agilent Technologies Inc 17 910 0,020 0,020 CGI Group Inc 4 288 0,030 0,033 Air Products & Chemicals Inc 30 699 0,032 0,032 Cognos Inc 7 614 0,032 0,032 Akamai Technologies Inc 15 864 0,031 0,031 Enbridge Inc 24 661 0,033 0,033 Alberto-Culver Co 7 128 0,057 0,029 EnCana Corp 83 103 0,035 0,036 Alcoa Inc 56 083 0,035 0,035 Finning International Inc 7 108 0,031 0,031 Alcon Inc 15 674 0,007 0,007 George Weston Ltd 9 114 0,017 0,017 Allergan Inc 38 189 0,033 0,033 Goldcorp Inc 37 394 0,030 0,030 Alliance Data Systems Corp 6 114 0,020 0,020 Great-West Lifeco Inc 1 754 0,001 0,001 Alliant Energy Corp 11 591 0,042 0,042 Husky Energy Inc 18 772 0,011 0,011 Allied Capital Corp 8 779 0,029 0,029 IGM Financial Inc 4 485 0,006 0,006 Allstate Corp/The 99 733 0,039 0,039 Imperial Oil Ltd 32 122 0,015 0,015 Alltel Corp 52 760 0,037 0,037 Loblaw Cos Ltd 12 363 0,017 0,017 Altera Corp 12 221 0,028 0,028 Magna International Inc 20 253 0,037 0,037 Altria Group Inc 552 648 0,048 0,049 Manulife Financial Corp 88 042 0,027 0,027 Amazon.Com Inc 52 190 0,052 0,052 MDS Inc 5 190 0,032 0,032 AMB Property Corp 4 284 0,013 0,013 Molson Coors Canada Inc 2 829 0,030 0,000 AMBAC Financial Group Inc 26 622 0,045 0,045 National Bank of Canada 18 791 0,033 0,033 Amdocs Ltd 13 735 0,028 0,028 Nexen Inc 31 112 0,035 0,035 Ameren Corp 19 346 0,028 0,028 Nortel Networks Corp 23 278 0,032 0,032 American Axle & Manufacturing Holdings Inc 5 321 0,087 0,087

34 Foreign exchange reserves Holding of equities at 31 December 2006

Americas Ownership stake (per cent) Voting (per cent) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Market value (NOK 1000)

American Eagle Outfitters 13 733 0,032 0,032 Carnival Corp 117 914 0,062 0,062 American Electric Power Co Inc 36 801 0,035 0,035 Caterpillar Inc 79 784 0,031 0,032 American Express Co 166 355 0,037 0,037 CBS Corp 44 403 0,029 0,000 American International Group Inc 465 525 0,040 0,040 CDW Corp 4 963 0,014 0,014 American Power Conversion Corp 84 528 0,234 0,234 Celgene Corp 42 372 0,032 0,032 American Standard Cos Inc 282 0,000 0,000 Centerpoint Energy Inc 10 910 0,034 0,034 American Tower Corp 61 790 0,063 0,063 Centex Corp 13 898 0,033 0,033 AmeriCredit Corp 6 793 0,038 0,038 CenturyTel Inc 12 513 0,040 0,040 Ameriprise Financial Inc 34 141 0,042 0,042 Cephalon Inc 11 833 0,044 0,044 AmerisourceBergen Corp 25 874 0,048 0,048 Ceridian Corp 9 172 0,038 0,038 Amgen Inc 199 616 0,040 0,040 CH Robinson Worldwide Inc 16 054 0,036 0,036 Amphenol Corp 3 850 0,011 0,011 Charles Schwab Corp/The 55 574 0,037 0,037 Amylin Pharmaceuticals Inc 4 267 0,015 0,015 Check Point Software Technologies 7 881 0,024 0,024 Anadarko Petroleum Corp 101 389 0,081 0,081 Chesapeake Energy Corp 20 717 0,025 0,025 Analog Devices Inc 24 058 0,034 0,034 Chevron Corp 303 060 0,030 0,030 Anheuser-Busch Cos Inc 50 093 0,021 0,021 Chicago Mercantile Exchange Holdings Inc 6 418 0,006 0,006 AON Corp 28 068 0,041 0,041 Chicos FAS Inc 5 458 0,024 0,024 Apache Corp 79 713 0,058 0,058 ChoicePoint Inc 5 475 0,028 0,028 Apartment Investment & Management Co 5 794 0,017 0,017 Chubb Corp 54 012 0,040 0,040 Apollo Group Inc 9 455 0,023 0,000 Cigna Corp 23 513 0,028 0,028 Apple Computer Inc 136 837 0,030 0,030 Cincinnati Financial Corp 18 991 0,039 0,039 Applera Corp - Applied Biosystems Group 12 503 0,030 0,030 Cintas Corp 10 378 0,026 0,026 Applied Materials Inc 54 117 0,034 0,034 Circuit City Stores Inc 7 617 0,037 0,037 Aramark Corp 62 481 0,166 0,241 Cisco Systems Inc 337 656 0,033 0,033 Archer-Daniels-Midland Co 41 762 0,032 0,032 CIT Group Inc 26 150 0,038 0,038 Archstone-Smith Trust 10 171 0,013 0,013 Citigroup Inc 522 278 0,031 0,031 Arrow Electronics Inc 6 505 0,027 0,027 Citizens Communications Co 9 611 0,033 0,033 Arthur J Gallagher & Co 7 807 0,043 0,043 Citrix Systems Inc 7 715 0,025 0,025 Ashland Inc 9 259 0,034 0,034 City National Corp/Beverly Hills CA 6 688 0,032 0,032 Associated Banc-Corp 8 641 0,031 0,031 Clear Channel Communications Inc 32 888 0,030 0,030 Assurant Inc 13 813 0,033 0,033 Clorox Co 15 537 0,026 0,026 Astoria Financial Corp 4 419 0,024 0,024 CNA Financial Corp 5 212 0,008 0,008 AT&T Inc 3 840 0,000 0,000 Coach Inc 31 851 0,032 0,032 Autodesk Inc 14 105 0,024 0,024 Coca-Cola Co/The 108 927 0,015 0,015 Autoliv Inc 12 783 0,042 0,021 Coca-Cola Enterprises Inc 64 482 0,106 0,106 Automatic Data Processing Inc 52 034 0,031 0,031 Cognizant Technology Solutions Corp 14 090 0,021 0,021 Autonation Inc 7 615 0,028 0,028 Colgate-Palmolive Co 68 656 0,033 0,033 Autozone Inc 8 161 0,016 0,016 Colonial BancGroup Inc/The 7 882 0,032 0,032 AvalonBay Communities Inc 7 570 0,013 0,013 Comcast Corp 181 937 0,033 0,049 Avaya Inc 8 484 0,022 0,022 Comerica Inc 17 864 0,031 0,031 Avery Dennison Corp 15 196 0,033 0,033 Commerce Bancorp Inc/NJ 9 160 0,022 0,022 Avis Budget Group Inc 114 0,001 0,001 Commerce Bancshares Inc/Kansas City MO 6 623 0,031 0,031 Avnet Inc 24 874 0,107 0,107 Community Health Systems Inc 6 433 0,030 0,030 Avon Products Inc 28 034 0,031 0,031 Compass Bancshares Inc 14 517 0,030 0,030 Axis Capital Holdings Ltd 13 608 0,043 0,043 Computer Sciences Corp 18 351 0,032 0,032 Baker Hughes Inc 80 844 0,054 0,054 Compuware Corp 8 409 0,046 0,046 Ball Corp 6 954 0,025 0,025 Comverse Technology Inc 8 777 0,033 0,033 Bank of America Corp 413 242 0,028 0,028 ConAgra Foods Inc 20 960 0,024 0,024 Bank of New York Co Inc/The 57 565 0,031 0,031 ConocoPhillips 254 906 0,035 0,035 Barr Pharmaceuticals Inc 8 283 0,025 0,025 Conseco Inc 12 440 0,066 0,066 Bausch & Lomb Inc 6 656 0,038 0,038 Consol Energy Inc 8 517 0,023 0,023 Baxter International Inc 49 582 0,026 0,026 Consolidated Edison Inc 22 740 0,030 0,030 BB&T Corp 43 137 0,029 0,029 Constellation Brands Inc 11 406 0,027 0,030 BEA Systems Inc 9 676 0,032 0,032 Constellation Energy Group Inc 23 255 0,030 0,030 Bear Stearns Cos Inc/The 50 395 0,034 0,042 Convergys Corp 6 612 0,032 0,032 Beckman Coulter Inc 5 050 0,022 0,022 Cooper Industries Ltd 11 424 0,022 0,022 Becton Dickinson & Co 30 328 0,028 0,028 Corning Inc 58 515 0,032 0,032 Bed Bath & Beyond Inc 22 462 0,033 0,033 Costco Wholesale Corp 49 783 0,033 0,033 BellSouth Corp 437 280 0,082 0,082 Countrywide Financial Corp 93 286 0,057 0,057 Bemis Co 5 557 0,025 0,025 Coventry Health Care Inc 11 493 0,023 0,023 Berkshire Hathaway Inc 292 762 0,028 0,030 CR Bard Inc 16 718 0,031 0,031 Best Buy Co Inc 47 226 0,032 0,032 Crown Castle International Corp 16 346 0,040 0,040 Biogen Idec Inc 46 554 0,045 0,045 CSX Corp 38 251 0,041 0,041 Biomet Inc 18 836 0,030 0,030 Cummins Inc 12 558 0,034 0,034 BJ Services Co 40 694 0,076 0,076 CVS Corp 83 669 0,053 0,053 Black & Decker Corp 7 384 0,022 0,022 Cytec Industries Inc 2 815 0,017 0,017 BMC Software Inc 11 653 0,028 0,028 Danaher Corp 21 281 0,015 0,015 Boston Properties Inc 10 404 0,013 0,013 Darden Restaurants Inc 13 319 0,036 0,036 Boston Scientific Corp 125 660 0,080 0,080 DaVita Inc 7 979 0,022 0,022 Bowater Inc 21 483 0,267 0,274 Dean Foods Co 10 798 0,031 0,031 Brinker International Inc 8 102 0,035 0,035 Deere & Co 43 154 0,032 0,032 Bristol-Myers Squibb Co 115 323 0,036 0,036 Del Monte Foods Co 5 222 0,038 0,038 Broadcom Corp 32 205 0,030 0,034 Dell Inc 111 689 0,031 0,031 Broadwing Corp 110 954 1,268 1,268 Delphi Corp 4 052 0,030 0,030 Brown & Brown Inc 7 797 0,032 0,032 Dentsply International Inc 9 403 0,033 0,033 Brown-Forman Corp 4 211 0,008 0,003 Developers Diversified Realty Corp 6 969 0,015 0,015 Brunswick Corp 935 0,005 0,005 Devon Energy Corp 70 771 0,038 0,038 Bunge Ltd 32 097 0,059 0,059 Diamond Offshore Drilling Inc 57 025 0,089 0,089 Burlington Northern Santa Fe Corp 61 803 0,037 0,037 Diebold Inc 6 037 0,032 0,032 CA Inc 15 129 0,020 0,020 DIRECTV Group Inc/The 49 374 0,026 0,026 Cablevision Systems Corp 6 841 0,011 0,017 Discovery Holding Co 10 461 0,037 0,039 Cabot Corp 5 263 0,030 0,030 DNP Select Income Fund Inc 4 708 0,031 0,000 Cadence Design Systems Inc 10 775 0,035 0,035 Dolby Laboratories Inc 9 657 0,046 0,128 Cameron International Corp 19 537 0,053 0,053 Dollar General Corp 6 980 0,022 0,022 Campbell Soup Co 18 688 0,020 0,020 Dollar Tree Stores Inc 5 984 0,031 0,031 Capital One Financial Corp 70 871 0,036 0,036 Dominion Resources Inc/VA 52 028 0,028 0,028 Cardinal Health Inc 69 386 0,043 0,043 Dover Corp 15 992 0,026 0,026 Career Education Corp 5 502 0,038 0,038 Dow Chemical Co/The 70 960 0,030 0,030 Caremark Rx Inc 63 533 0,042 0,042 Dow Jones & Co Inc 198 0,001 0,001 Carmax Inc 5 009 0,014 0,014 DR Horton Inc 49 634 0,096 0,096

N o rg es Ba n k In v est men t M a na g emen t A n n u a l R e por t 2006 35 Foreign exchange reserves Holding of equities at 31 December 2006

Americas Ownership stake (per cent) Voting (per cent) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Market value (NOK 1000)

DST Systems Inc 4 893 0,019 0,019 Harrahs Entertainment Inc 29 325 0,031 0,031 DTE Energy Co 16 516 0,031 0,031 Harris Corp 12 837 0,034 0,034 Duke Energy Corp 87 101 0,034 0,034 Hartford Financial Services Group Inc 72 232 0,039 0,039 Duke Realty Corp 4 597 0,013 0,013 Hasbro Inc 936 0,003 0,003 Dun & Bradstreet Corp 7 346 0,023 0,023 Health Care Property Investors Inc 8 432 0,019 0,019 E*Trade Financial Corp 24 034 0,040 0,040 Health Management Associates Inc 7 732 0,024 0,024 Eastman Chemical Co 6 551 0,022 0,022 Health Net Inc 11 107 0,031 0,031 Eaton Corp 19 973 0,029 0,029 Henry Schein Inc 7 463 0,028 0,028 eBay Inc 76 598 0,029 0,029 Hershey Co/The 13 383 0,019 0,025 EchoStar Communications Corp 18 729 0,018 0,038 Hess Corp 21 542 0,025 0,025 Ecolab Inc 20 262 0,029 0,029 Hewlett-Packard Co 212 279 0,030 0,030 Edison International 28 451 0,031 0,031 Hillenbrand Industries Inc 7 894 0,036 0,036 EI Du Pont de Nemours & Co 84 639 0,030 0,030 Hilton Hotels Corp 36 756 0,044 0,044 El Paso Corp 24 546 0,037 0,037 HJ Heinz Co 24 694 0,027 0,027 Electronic Arts Inc 19 534 0,020 0,020 Home Depot Inc 166 178 0,033 0,033 Electronic Data Systems Corp 25 493 0,029 0,029 Hormel Foods Corp 7 619 0,024 0,024 Eli Lilly & Co 143 575 0,039 0,039 Hospira Inc 9 892 0,030 0,030 Embarq Corp 14 749 0,030 0,030 Hospitality Properties Trust 5 408 0,021 0,021 EMC Corp/Massachusetts 74 030 0,041 0,041 Host Hotels & Resorts Inc 11 683 0,015 0,015 Emdeon Corp 6 326 0,053 0,053 Hudson City Bancorp Inc 17 861 0,037 0,037 Emerson Electric Co 46 754 0,021 0,021 Hugoton Royalty Trust 44 0,001 0,001 Energizer Holdings Inc 5 174 0,021 0,021 Humana Inc 14 829 0,026 0,026 Energy East Corp 6 401 0,028 0,028 Huntington Bancshares Inc/OH 10 964 0,031 0,031 ENSCO International Inc 14 657 0,031 0,031 IAC/InterActiveCorp 32 786 0,048 0,053 Entergy Corp 35 523 0,030 0,030 Idearc Inc 23 257 0,089 0,000 EOG Resources Inc 30 646 0,032 0,032 Illinois Tool Works Inc 47 047 0,029 0,029 Equifax Inc 6 185 0,020 0,020 ImClone Systems Inc 1 719 0,012 0,012 Equitable Resources Inc 7 297 0,023 0,023 IMS Health Inc 6 459 0,019 0,019 Equity Office Properties Trust 19 702 0,019 0,019 Ingersoll-Rand Co Ltd 24 485 0,033 0,033 Equity Residential 13 369 0,014 0,014 Intel Corp 241 746 0,033 0,033 Erie Indemnity Co 2 832 0,014 0,000 International Business Machines Corp 257 716 0,028 0,028 Estee Lauder Cos Inc/The 9 233 0,017 0,029 International Flavors & Fragrances Inc 10 492 0,038 0,038 Everest Re Group Ltd 19 908 0,050 0,050 International Game Technology 36 582 0,038 0,038 EW Scripps Co 10 732 0,021 0,000 International Paper Co 28 253 0,029 0,029 EXCO Resources Inc 10 529 0,096 0,096 Interpublic Group of Cos Inc 9 160 0,027 0,027 Exelon Corp 80 254 0,031 0,031 Intuit Inc 22 140 0,033 0,033 Expedia Inc 27 554 0,064 0,069 Investors Financial Services Corp 6 034 0,034 0,034 Expeditors International Washington Inc 17 104 0,032 0,032 Invitrogen Corp 7 590 0,045 0,045 Express Scripts Inc 1 666 0,003 0,003 Iron Mountain Inc 8 393 0,025 0,025 Exxon Mobil Corp 847 822 0,029 0,030 iStar Financial Inc 8 235 0,022 0,022 Fair Isaac Corp 4 982 0,034 0,034 ITT Corp 16 903 0,026 0,026 Family Dollar Stores Inc 8 620 0,031 0,031 Jabil Circuit Inc 7 191 0,022 0,022 Fannie Mae 129 465 0,036 0,036 Jacobs Engineering Group Inc 1 501 0,005 0,005 Fastenal Co 8 541 0,025 0,025 Janus Capital Group Inc 10 312 0,039 0,039 Federated Department Stores Inc 42 244 0,034 0,034 JB Hunt Transport Services Inc 5 774 0,031 0,031 Federated Investors Inc 3 918 0,018 0,000 JC Penney Co Inc 33 282 0,031 0,031 FedEx Corp 80 643 0,039 0,039 JDS Uniphase Corp 6 409 0,029 0,030 Fidelity National Financial Inc 4 358 0,013 0,013 Johnson & Johnson 357 158 0,030 0,030 Fidelity National Information Services Inc 16 880 0,036 0,036 Johnson Controls Inc 35 012 0,033 0,033 Fifth Third Bancorp 39 895 0,028 0,028 Jones Apparel Group Inc 7 265 0,032 0,032 First American Corp 9 453 0,039 0,039 JPMorgan Chase & Co 362 202 0,035 0,035 First Data Corp 36 419 0,030 0,030 Juniper Networks Inc 36 610 0,055 0,055 First Horizon National Corp 8 900 0,027 0,027 KB Home 7 869 0,027 0,027 First Marblehead Corp/The 6 374 0,020 0,020 Kellogg Co 17 512 0,014 0,014 FirstEnergy Corp 38 371 0,032 0,032 Keycorp 72 399 0,076 0,076 Fiserv Inc 16 428 0,029 0,029 KeySpan Corp 186 090 0,414 0,414 Flextronics International Ltd 13 544 0,033 0,033 Kimberly-Clark Corp 66 423 0,034 0,034 Fluor Corp 1 813 0,004 0,004 Kimco Realty Corp 9 517 0,014 0,014 Foot Locker Inc 6 827 0,032 0,032 Kinder Morgan Inc 19 138 0,022 0,022 Ford Motor Co 27 921 0,032 0,033 Kinetic Concepts Inc 2 930 0,017 0,017 Forest City Enterprises Inc 3 933 0,011 0,014 King Pharmaceuticals Inc 12 200 0,051 0,051 Forest Laboratories Inc 37 902 0,038 0,038 Kla-Tencor Corp 19 225 0,031 0,031 Fortune Brands Inc 4 619 0,006 0,006 Kohls Corp 48 102 0,035 0,035 FPL Group Inc 46 242 0,034 0,034 Kraft Foods Inc 1 217 0,000 0,001 Franklin Resources Inc 49 655 0,029 0,029 Kroger Co/The 43 583 0,043 0,043 Freddie Mac 107 872 0,037 0,037 Laboratory Corp of America Holdings 17 330 0,030 0,030 Fulton Financial Corp 5 669 0,031 0,031 Lam Research Corp 23 017 0,051 0,051 Gannett Co Inc 26 698 0,030 0,030 Lamar Advertising Co 37 636 0,091 0,108 Gap Inc/The 24 124 0,025 0,025 Las Vegas Sands Corp 17 034 0,009 0,009 Genentech Inc 126 274 0,024 0,024 Lear Corp 2 321 0,019 0,019 General Electric Co 679 876 0,028 0,028 Legg Mason Inc 28 827 0,036 0,037 General Growth Properties Inc 10 239 0,013 0,013 Leggett & Platt Inc 7 596 0,029 0,029 General Mills Inc 28 056 0,023 0,023 Lehman Brothers Holdings Inc 96 116 0,037 0,037 General Motors Corp 36 545 0,034 0,034 Lennar Corp 10 005 0,020 0,063 Gentex Corp 2 808 0,020 0,020 Leucadia National Corp 10 174 0,027 0,027 Genuine Parts Co 19 761 0,039 0,039 Level 3 Communications Inc (43 786) -0,107 0,000 Genworth Financial Inc 29 750 0,031 0,031 Lexmark International Inc 15 162 0,034 0,034 Genzyme Corp 50 155 0,050 0,050 Liberty Global Inc 26 421 0,037 0,053 Getty Images Inc 3 399 0,021 0,021 Liberty Media Corp - Capital 27 459 0,032 0,033 Gilead Sciences Inc 73 844 0,040 0,040 Liberty Media Corp - Interactive 29 027 0,032 0,034 Global Signal Inc 5 247 0,023 0,023 Liberty Property Trust 2 461 0,009 0,009 GlobalSantaFe Corp 41 692 0,049 0,049 Lincare Holdings Inc 6 905 0,030 0,030 Goldman Sachs Group Inc 198 448 0,036 0,038 Lincoln National Corp 35 232 0,031 0,031 Goodrich Corp 5 672 0,016 0,016 Linear Technology Corp 17 481 0,031 0,031 Google Inc 210 102 0,024 0,033 Liz Claiborne Inc 8 719 0,031 0,031 Grant Prideco Inc 13 372 0,042 0,042 Loews Corp 58 298 0,041 0,041 H&R Block Inc 14 305 0,031 0,031 Louisiana-Pacific Corp 2 889 0,021 0,021 Halliburton Co 24 942 0,013 0,013 Lowes Cos Inc 91 328 0,031 0,031 Harley-Davidson Inc 44 328 0,039 0,039 LSI Logic Corp 7 047 0,031 0,031 Harman International Industries Inc 1 0,000 0,000 Ltd Brands Inc 22 083 0,031 0,031

36 Foreign exchange reserves Holding of equities at 31 December 2006

Americas Ownership stake (per cent) Voting (per cent) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Market value (NOK 1000)

Lyondell Chemical Co 10 529 0,027 0,027 OSI Restaurant Partners Inc 5 700 0,031 0,031 M&T Bank Corp 25 611 0,030 0,030 Owens-Illinois Inc 10 913 0,062 0,062 Macerich Co/The 7 339 0,019 0,019 Paccar Inc 32 149 0,032 0,032 Manor Care Inc 6 117 0,028 0,028 Pactiv Corp 7 952 0,027 0,027 Manpower Inc 19 621 0,050 0,050 Pall Corp 12 432 0,047 0,047 Marathon Oil Corp 68 883 0,034 0,034 Parker Hannifin Corp 17 327 0,031 0,031 Markel Corp 12 441 0,043 0,043 PartnerRe Ltd 12 515 0,050 0,050 Marriott International Inc 26 103 0,022 0,022 Patterson Cos Inc 8 471 0,028 0,028 Marsh & McLennan Cos Inc 39 187 0,037 0,037 Patterson-UTI Energy Inc 6 925 0,030 0,030 Marshall & Ilsley Corp 23 560 0,031 0,031 Paychex Inc 25 468 0,027 0,027 Marvell Technology Group Ltd 34 324 0,049 0,049 Peabody Energy Corp 23 043 0,035 0,035 Masco Corp 5 799 0,008 0,008 Pentair Inc 5 901 0,030 0,030 Mattel Inc 1 693 0,003 0,003 Peoples Bank/Bridgeport CT 5 553 0,014 0,014 Maxim Integrated Products Inc 35 916 0,059 0,059 Pepco Holdings Inc 11 642 0,038 0,038 MBIA Inc 27 466 0,045 0,045 Pepsi Bottling Group Inc 9 632 0,021 0,021 McAfee Inc 8 130 0,029 0,029 PepsiAmericas Inc 2 994 0,018 0,018 McClatchy Co 3 376 0,015 0,022 PepsiCo Inc 145 826 0,023 0,023 McCormick & Co Inc/MD 9 049 0,029 0,000 PetSmart Inc 8 134 0,033 0,033 McDonalds Corp 138 701 0,041 0,041 Pfizer Inc 422 442 0,036 0,036 McGraw-Hill Cos Inc/The 43 700 0,029 0,029 PG&E Corp 34 977 0,034 0,034 McKesson Corp 41 612 0,045 0,045 Phelps Dodge Corp 41 371 0,027 0,027 MDU Resources Group Inc 1 565 0,005 0,005 Pinnacle West Capital Corp 11 290 0,036 0,036 MeadWestvaco Corp 11 384 0,034 0,034 Pioneer Natural Resources Co 8 077 0,027 0,027 Medco Health Solutions Inc 26 756 0,027 0,027 Pitney Bowes Inc 17 868 0,028 0,028 Medimmune Inc 17 573 0,036 0,036 Plum Creek Timber Co Inc (REIT) 3 872 0,009 0,009 Medtronic Inc 111 147 0,029 0,029 PMI Group Inc/The 12 539 0,054 0,054 Mellon Financial Corp 37 823 0,035 0,035 PNC Financial Services Group Inc 44 244 0,033 0,033 MEMC Electronic Materials Inc 12 522 0,023 0,023 Pogo Producing Co 5 488 0,031 0,031 Mercantile Bankshares Corp 11 365 0,031 0,031 Popular Inc 10 452 0,034 0,034 Merck & Co Inc 219 841 0,037 0,037 PPG Industries Inc 20 444 0,031 0,031 Mercury General Corp 2 663 0,015 0,015 PPL Corp 24 218 0,028 0,028 Merrill Lynch & Co Inc 191 320 0,037 0,037 Praxair Inc 35 880 0,030 0,030 Metlife Inc 71 071 0,025 0,025 Precision Castparts Corp 4 823 0,007 0,007 MGIC Investment Corp 11 180 0,035 0,035 Premium Standard Farms Inc 31 418 0,850 0,850 MGM Mirage 13 139 0,013 0,013 Pride International Inc 42 606 0,139 0,139 Microchip Technology Inc 12 551 0,029 0,029 Principal Financial Group Inc 26 542 0,027 0,027 Micron Technology Inc 35 321 0,054 0,054 Procter & Gamble Co 352 941 0,028 0,028 Microsoft Corp 548 128 0,030 0,030 Progress Energy Inc 21 666 0,028 0,028 Millennium Pharmaceuticals Inc 6 405 0,030 0,030 Progressive Corp/The 44 529 0,039 0,039 Millipore Corp 5 024 0,023 0,023 Prologis 15 232 0,016 0,016 Mohawk Industries Inc 9 548 0,030 0,030 Protective Life Corp 6 519 0,032 0,032 Molex Inc 7 676 0,022 0,025 Prudential Financial Inc 63 618 0,025 0,025 Molson Coors Brewing Co 18 459 0,045 0,059 Public Service Enterprise Group Inc 31 766 0,030 0,030 MoneyGram International Inc 5 302 0,032 0,032 Public Storage Inc 18 661 0,018 0,018 Monsanto Co 59 560 0,034 0,034 Puget Energy Inc 6 484 0,035 0,035 Monster Worldwide Inc 23 101 0,062 0,064 Pulte Homes Inc 518 0,001 0,001 Moodys Corp 42 005 0,035 0,035 QLogic Corp 8 708 0,040 0,040 Morgan Stanley 195 866 0,037 0,037 Qualcomm Inc 119 071 0,031 0,031 Mosaic Co/The 11 558 0,020 0,020 Quest Diagnostics Inc 12 550 0,019 0,019 Motorola Inc 96 648 0,031 0,031 Questar Corp 13 632 0,031 0,031 Murphy Oil Corp 20 229 0,034 0,034 Qwest Communications International Inc 32 351 0,032 0,032 Mylan Laboratories Inc 8 401 0,032 0,032 Radian Group Inc 12 241 0,045 0,045 Nabors Industries Ltd 19 819 0,036 0,036 RadioShack Corp 4 656 0,033 0,033 Nasdaq Stock Market Inc/The 11 503 0,054 0,054 Realogy Corp 7 609 0,019 0,019 National City Corp 49 258 0,034 0,034 Red Hat Inc 6 444 0,024 0,024 National Oilwell Varco Inc 23 388 0,035 0,035 Regency Centers Corp 4 643 0,014 0,014 National Semiconductor Corp 14 921 0,032 0,032 Regions Financial Corp 54 843 0,032 0,032 NAVTEQ Corp 22 212 0,109 0,109 Reliant Energy Inc 407 0,001 0,001 NCR Corp 11 942 0,025 0,025 RenaissanceRe Holdings Ltd 12 714 0,047 0,047 Network Appliance Inc 27 517 0,030 0,030 Republic Services Inc 10 309 0,031 0,031 New York Community Bancorp Inc 33 398 0,113 0,113 Reynolds American Inc 14 453 0,012 0,012 New York Times Co 10 439 0,048 0,048 RH Donnelley Corp 3 783 0,014 0,014 Newell Rubbermaid Inc 13 848 0,028 0,028 Robert Half International Inc 9 561 0,025 0,025 Newfield Exploration Co 13 426 0,036 0,036 Rockwell Automation Inc 14 678 0,023 0,023 Newmont Mining Corp 33 482 0,026 0,014 Rockwell Collins Inc 0 0,000 0,000 News Corp 103 403 0,024 0,006 Rohm & Haas Co 17 797 0,026 0,026 NII Holdings Inc 16 099 0,026 0,026 Ross Stores Inc 7 984 0,031 0,031 Nike Inc 29 927 0,019 0,026 Rowan Cos Inc 7 067 0,031 0,031 NiSource Inc 15 424 0,038 0,038 Royal Caribbean Cruises Ltd 16 057 0,029 0,029 Noble Corp 36 030 0,056 0,056 RR Donnelley & Sons Co 16 531 0,034 0,031 Noble Energy Inc 16 071 0,030 0,030 Ryder System Inc 9 854 0,051 0,051 Nordstrom Inc 23 273 0,029 0,029 Sabre Holdings Corp 7 847 0,030 0,030 Norfolk Southern Corp 46 835 0,038 0,038 Safeco Corp 18 175 0,040 0,040 Northeast Utilities 7 359 0,027 0,027 Safeway Inc 42 559 0,045 0,045 Northern Trust Corp 25 698 0,031 0,031 Sally Beauty Holdings Inc 1 378 0,016 0,016 Novellus Systems Inc 10 824 0,041 0,041 SanDisk Corp 19 164 0,032 0,032 NSTAR 5 838 0,026 0,026 Sanmina-SCI Corp 3 522 0,031 0,031 NTL Inc 17 972 0,035 0,035 Sara Lee Corp 13 378 0,017 0,017 Nucor Corp 31 687 0,031 0,031 SCANA Corp 8 265 0,028 0,028 Nvidia Corp 25 014 0,031 0,031 Schering-Plough Corp 93 812 0,043 0,043 NVR Inc 4 289 0,019 0,019 Schlumberger Ltd 62 535 0,013 0,013 NYSE Group Inc 11 631 0,012 0,012 Seagate Technology 30 640 0,032 0,032 Occidental Petroleum Corp 87 543 0,034 0,034 Sealed Air Corp 8 753 0,027 0,027 Office Depot Inc 24 054 0,036 0,036 Corp 39 153 0,024 0,024 OfficeMax Inc 26 399 0,115 0,115 SEI Investments Co 5 992 0,016 0,016 Old Republic International Corp 15 220 0,046 0,046 Sempra Energy 24 814 0,027 0,027 Omnicare Inc 12 218 0,042 0,042 Sepracor Inc 22 726 0,054 0,054 Omnicom Group Inc 33 234 0,030 0,030 ServiceMaster Co/The 6 799 0,029 0,029 Oneok Inc 4 027 0,014 0,014 Shaw Group Inc/The 8 135 0,048 0,048 Oracle Corp 160 619 0,029 0,029 Sherwin-Williams Co/The 4 870 0,009 0,009

N o rg es Ba n k In v est men t M a na g emen t A n n u a l R e por t 2006 37 Foreign exchange reserves Holding of equities at 31 December 2006

Americas Ownership stake (per cent) Voting (per cent) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Market value (NOK 1000)

Sigma-Aldrich Corp 8 215 0,026 0,026 Walt Disney Co 134 681 0,031 0,031 Simon Property Group Inc 19 114 0,014 0,014 Washington Mutual Inc 82 052 0,031 0,031 Sirius Satellite Radio Inc 7 572 0,024 0,024 Washington Post Co/The 3 254 0,007 0,009 SLM Corp 40 897 0,033 0,033 Waste Management Inc 35 983 0,029 0,029 Smith International Inc 32 285 0,059 0,059 Waters Corp 7 121 0,023 0,023 Smithfield Foods Inc (25 813) -0,144 0,000 Watson Pharmaceuticals Inc 8 396 0,051 0,051 Smurfit-Stone Container Corp 2 844 0,017 0,017 Weatherford International Ltd 120 833 0,137 0,137 Solectron Corp 4 760 0,026 0,026 Weight Watchers International Inc 306 0,001 0,001 Southern Co/The 50 077 0,029 0,029 Weingarten Realty Investors 985 0,004 0,004 Southern Copper Corp 9 135 0,009 0,009 WellPoint Inc 97 280 0,032 0,032 Southwest Airlines Co 26 779 0,035 0,035 Wells Fargo & Co 229 030 0,031 0,031 Sovereign Bancorp Inc 25 107 0,034 0,034 Wendys International Inc 4 132 0,017 0,017 Sprint Nextel Corp 124 267 0,036 0,038 Wesco Financial Corp 1 633 0,008 0,008 SPX Corp 3 902 0,018 0,018 Western Union Co/The 32 037 0,030 0,030 St Joe Co/The 242 0,001 0,001 Weyerhaeuser Co 35 750 0,034 0,034 St Jude Medical Inc 21 209 0,026 0,026 Whirlpool Corp 11 761 0,029 0,029 St Paul Travelers Cos Inc/The 98 901 0,043 0,043 White Mountains Insurance Group Ltd 14 427 0,037 0,037 Stanley Works/The 4 509 0,018 0,018 Whole Foods Market Inc 14 476 0,035 0,035 Staples Inc 37 225 0,031 0,031 Williams Cos Inc 35 364 0,036 0,036 Starbucks Corp 20 949 0,013 0,013 Williams-Sonoma Inc 7 139 0,033 0,033 Starwood Hotels & Resorts Worldwide Inc 23 069 0,028 0,028 Willis Group Holdings Ltd 8 994 0,023 0,023 State Street Corp 70 942 0,051 0,051 Wisconsin Energy Corp 8 290 0,024 0,024 Station Casinos Inc 2 610 0,009 0,009 WM Wrigley Jr Co 13 915 0,016 0,005 Stryker Corp 26 669 0,019 0,019 WR Berkley Corp 18 083 0,044 0,044 Student Loan Corp/The 1 993 0,008 0,008 WW Grainger Inc 10 792 0,029 0,029 Sun Microsystems Inc 33 560 0,028 0,028 Wyeth 177 178 0,041 0,041 Sunoco Inc 13 084 0,027 0,027 Wyndham Worldwide Corp 12 377 0,031 0,031 SunTrust Banks Inc 57 819 0,031 0,031 Wynn Resorts Ltd 12 663 0,021 0,021 Supervalu Inc 19 795 0,043 0,043 Xcel Energy Inc 18 839 0,032 0,032 Symantec Corp 45 162 0,037 0,037 Xerox Corp 27 215 0,027 0,027 Symbol Technologies Inc 5 243 0,022 0,022 Xilinx Inc 16 708 0,034 0,034 Synopsys Inc 9 513 0,041 0,041 XL Capital Ltd 36 389 0,045 0,045 Synovus Financial Corp 20 359 0,033 0,033 XM Satellite Radio Holdings Inc 13 864 0,057 0,057 Sysco Corp 55 652 0,039 0,039 XTO Energy Inc 6 020 0,006 0,006 T Rowe Price Group Inc 27 007 0,038 0,038 Yahoo! Inc 52 757 0,024 0,024 Target Corp 95 423 0,031 0,031 Yum! Brands Inc 25 673 0,026 0,026 TCF Financial Corp 6 341 0,028 0,028 Zebra Technologies Corp 3 092 0,020 0,020 TD Ameritrade Holding Corp 7 366 0,012 0,012 Zimmer Holdings Inc 37 499 0,032 0,032 TD Banknorth Inc 8 187 0,018 0,018 Zions Bancorporation 19 465 0,035 0,035 TECO Energy Inc 4 584 0,020 0,020 Teekay Shipping Corp 8 064 0,041 0,041 Virgin Islands -British Tektronix Inc 4 203 0,028 0,028 UTi Worldwide Inc 7 447 0,041 0,041 Telephone & Data Systems Inc 12 040 0,032 0,034 Tellabs Inc 10 158 0,036 0,036 Temple-Inland Inc 9 846 0,032 0,032 Tenet Healthcare Corp 5 974 0,029 0,029 Teradyne Inc 5 783 0,033 0,033 Texas Instruments Inc 87 854 0,033 0,033 Textron Inc 19 331 0,026 0,026 Thermo Fisher Scientific Inc 31 439 0,027 0,027 Tiffany & Co 10 577 0,032 0,032 Time Warner Inc 167 876 0,030 0,031 TJX Cos Inc 21 997 0,027 0,027 Toll Brothers Inc 5 652 0,018 0,018 Torchmark Corp 13 660 0,035 0,035 Total System Services Inc 2 024 0,006 0,006 Transatlantic Holdings Inc 3 135 0,012 0,012 Transocean Inc 1 0,000 0,000 Triad Hospitals Inc 7 124 0,031 0,031 Tribune Co 12 907 0,028 0,028 Tri-Continental Corporation 4 776 0,032 0,000 TXU Corp 47 711 0,031 0,031 Tyco International Ltd 113 915 0,030 0,030 Tyson Foods Inc 8 480 0,023 0,030 Ultra Petroleum Corp 12 244 0,027 0,027 Union Pacific Corp 64 491 0,042 0,042 UnionBanCal Corp 5 441 0,010 0,010 Unisys Corp 3 641 0,022 0,022 United Parcel Service Inc 114 085 0,023 0,037 United States Steel Corp 16 590 0,031 0,031 UnitedHealth Group Inc 139 384 0,031 0,031 Unitrin Inc 6 667 0,032 0,032 Universal Health Services Inc 4 926 0,026 0,028 Univision Communications Inc 14 222 0,021 0,027 UnumProvident Corp 12 354 0,028 0,028 Urban Outfitters Inc 1 762 0,007 0,007 US Bancorp 113 848 0,029 0,029 UST Inc 14 888 0,026 0,026 Valero Energy Corp 64 794 0,034 0,034 Valley National Bancorp 5 663 0,030 0,030 Varian Medical Systems Inc 8 446 0,022 0,022 VeriSign Inc 22 949 0,063 0,063 Veritas DGC Inc 25 059 0,130 0,130 Verizon Communications Inc 220 371 0,033 0,033 VF Corp 21 238 0,037 0,037 Viacom Inc 48 824 0,027 0,000 Vornado Realty Trust 12 525 0,011 0,011 Vulcan Materials Co 4 253 0,008 0,008 Wachovia Corp 210 545 0,031 0,031 Walgreen Co 127 117 0,044 0,044

38 Foreign exchange reserves Holding of equities at 31 December 2006

Asia/Oceania Ownership stake (per cent) Voting (per cent) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Market value (NOK 1000)

Australia Sigma Pharmaceuticals Ltd 27 0,000 0,000 Adelaide Bank Ltd 2 763 0,042 0,042 Sims Group Ltd 5 604 0,045 0,045 Adelaide Brighton Ltd 1 697 0,023 0,023 Smorgon Steel Group Ltd 2 530 0,031 0,031 AGL Energy Ltd 18 586 0,062 0,062 Sonic Healthcare Ltd 9 117 0,042 0,042 Alinta Ltd 17 508 0,061 0,061 Southern Cross Broadcasting Australia Ltd 2 110 0,037 0,037 Alumina Ltd 17 051 0,047 0,047 SP AusNet 475 0,003 0,003 Amcor Ltd 13 016 0,040 0,040 Spotless Group Ltd 1 740 0,036 0,036 AMP Ltd 24 602 0,026 0,026 St George Bank Ltd 35 255 0,041 0,041 Ansell Ltd 3 524 0,044 0,044 Stockland 25 972 0,047 0,047 APN News & Media Ltd 1 885 0,014 0,014 Suncorp-Metway Ltd 23 073 0,041 0,041 Aristocrat Leisure Ltd 9 109 0,025 0,025 Sydney Roads Group 1 138 0,019 0,019 ASX Ltd 8 486 0,027 0,027 Symbion Health Ltd 4 946 0,041 0,041 Austereo Group Ltd 796 0,021 0,021 Tabcorp Holdings Ltd 10 475 0,024 0,024 Australand Property Group 2 028 0,022 0,022 Tattersalls Ltd 8 331 0,034 0,034 Australia & New Zealand Banking Group Ltd 104 108 0,041 0,041 Telstra Corp Ltd 30 747 0,012 0,018 Australian Pharmaceutical Industries Ltd 81 0,003 0,003 Ten Network Holdings Ltd 3 052 0,047 0,047 Australian Wealth Management Ltd 2 438 0,035 0,035 Toll Holdings Ltd 13 676 0,024 0,024 AWB Ltd 2 201 0,042 0,042 Tower Australia Group Ltd 2 319 0,046 0,046 AXA Asia Pacific Holdings Ltd 15 459 0,025 0,025 Transurban Group 7 686 0,025 0,025 Babcock & Brown Ltd 6 952 0,021 0,021 Wesfarmers Ltd 28 700 0,041 0,041 Bank of Queensland Ltd 3 326 0,039 0,039 West Australian Newspapers Holdings Ltd 1 774 0,015 0,015 Bendigo Bank Ltd 3 646 0,039 0,039 Westfield Group 86 418 0,048 0,048 BHP Billiton Ltd 126 862 0,029 0,029 Westpac Banking Corp 90 273 0,041 0,041 Billabong International Ltd 8 994 0,051 0,051 Woodside Petroleum Ltd 43 360 0,035 0,035 BlueScope Steel Ltd 12 802 0,042 0,042 Woolworths Ltd 20 0,000 0,000 Boral Ltd 6 039 0,027 0,027 WorleyParsons Ltd 9 123 0,043 0,043 Brambles Ltd 39 132 0,040 0,041 Zinifex Ltd 21 642 0,048 0,048 Caltex Australia Ltd 7 108 0,023 0,023 Centro Properties Group 17 324 0,047 0,047 China, peoples´ republic of Centro Retail Group 868 0,016 0,016 China Coal Energy Co 8 733 0,019 0,060 CFS Retail Property Trust 7 003 0,030 0,030 Haitian International Holdings Ltd 247 0,006 0,006 Challenger Financial Services Group Ltd 2 275 0,020 0,020 Shanghai Jin Jiang International Hotels Group Co Ltd 287 0,002 0,008 Coca-Cola Amatil Ltd 9 104 0,032 0,032 Cochlear Ltd 6 446 0,041 0,041 Hong Kong Coles Group Ltd 33 617 0,041 0,041 Asia Satellite Telecommunications Holdings Ltd 599 0,014 0,014 Commonwealth Bank of Australia 129 290 0,041 0,041 ASM Pacific Technology 2 860 0,021 0,021 Commonwealth Property Office Fund 5 042 0,043 0,043 Bank of East Asia Ltd 22 563 0,041 0,041 Computershare Ltd 10 997 0,042 0,042 Beijing Enterprises Holdings Ltd 1 517 0,018 0,018 Corporate Express Australia Ltd 1 339 0,025 0,025 BOC Hong Kong Holdings Ltd 29 731 0,017 0,017 CSL Ltd/Australia 653 0,001 0,001 Brilliance China Automotive Holdings Ltd 1 422 0,037 0,037 CSR Ltd 6 606 0,041 0,041 Cafe de Coral Holdings Ltd 1 881 0,033 0,033 DB RREEF Trust 10 681 0,043 0,043 Cathay Pacific Airways Ltd 6 480 0,011 0,011 Downer EDI Ltd 2 030 0,019 0,019 Chaoda Modern Agriculture 1 773 0,019 0,019 Envestra Ltd 550 0,012 0,012 Cheung Kong Holdings Ltd 62 781 0,035 0,035 Flight Centre Ltd 2 405 0,031 0,031 Cheung Kong Infrastructure Holdings Ltd 2 204 0,005 0,005 Fosters Group Ltd 28 349 0,041 0,041 China Everbright Ltd 2 870 0,025 0,025 Futuris Corp Ltd 1 520 0,022 0,022 China Insurance International Holdings Co Ltd 2 636 0,025 0,025 Goodman Fielder Ltd 3 077 0,021 0,021 China Merchants Holdings International Co Ltd 7 435 0,013 0,013 GPT Group 26 706 0,048 0,048 China Mobile Ltd 172 661 0,016 0,016 Gunns Ltd 1 952 0,038 0,038 China National Aviation Co Ltd 1 064 0,014 0,014 GWA International Ltd 2 038 0,039 0,039 China Netcom Group Corp Hong Kong Ltd 8 680 0,008 0,008 Harvey Norman Holdings Ltd 5 897 0,030 0,030 China Overseas Land & Investment Ltd 12 286 0,021 0,021 Iluka Resources Ltd 2 996 0,039 0,039 China Resources Enterprise 8 875 0,021 0,021 Insurance Australia Group Ltd 20 286 0,038 0,038 China Resources Power Holdings Co 3 205 0,009 0,009 Investa Property Group 7 410 0,039 0,039 China Travel International Inv HK 2 688 0,023 0,023 James Hardie Industries NV 6 204 0,028 0,028 China Unicom Ltd 18 889 0,016 0,016 John Fairfax Holdings Ltd 3 127 0,013 0,013 Chinese Estates Holdings Ltd 2 655 0,016 0,016 Leighton Holdings Ltd 3 732 0,014 0,014 Chong Hing Bank Ltd 929 0,015 0,015 Lend Lease Corp Ltd 17 343 0,048 0,048 CITIC International Financial Holdings Ltd 3 431 0,019 0,019 Lion Nathan Ltd 6 331 0,030 0,030 Citic Pacific Ltd 10 017 0,021 0,021 Macquarie Airports Management Ltd 2 958 0,010 0,010 CLP Holdings Ltd 32 585 0,029 0,029 Macquarie Bank Ltd 25 650 0,026 0,026 CNOOC Ltd 35 291 0,014 0,014 Macquarie CountryWide Trust 4 996 0,039 0,039 Cnpc Hong Kong Ltd 3 832 0,023 0,023 Macquarie Goodman Group 29 085 0,047 0,047 Cofco International Ltd 2 316 0,021 0,021 Macquarie Infrastructure Group 10 459 0,023 0,023 COSCO Pacific Ltd 6 345 0,020 0,020 Macquarie Office Trust 6 073 0,040 0,040 Dah Sing Banking Group Ltd 787 0,006 0,006 Mayne Pharma Ltd 14 0,000 0,000 Dah Sing Financial Holdings Ltd 3 158 0,022 0,022 Metcash Ltd 7 585 0,044 0,044 Denway Motors Ltd 5 593 0,030 0,030 Minara Resources Ltd 4 328 0,032 0,032 Esprit Holdings Ltd 26 526 0,031 0,031 Mirvac Group 11 180 0,041 0,041 First Pacific Co 2 051 0,020 0,020 Multiplex Group 5 140 0,031 0,031 Fountain SET Hldgs 561 0,041 0,041 National Australia Bank Ltd 130 887 0,040 0,040 Foxconn International Holdings Ltd 18 134 0,013 0,013 Newcrest Mining Ltd 17 560 0,041 0,041 Fubon Bank Hong Kong Ltd 735 0,022 0,022 Novogen Ltd 314 0,025 0,025 Galaxy Entertainment Group Ltd 1 964 0,010 0,010 Nufarm Ltd 4 032 0,046 0,046 Giordano International Ltd 1 824 0,036 0,036 Oil Search Ltd 8 706 0,047 0,047 Global Bio-Chem Technology Group Co Ltd 1 577 0,032 0,032 OneSteel Ltd 5 570 0,042 0,042 Great Eagle Holdings Ltd 1 482 0,014 0,014 Orica Ltd 15 322 0,041 0,041 Guangdong Investment Ltd 632 0,004 0,004 Origin Energy Ltd 16 012 0,046 0,046 Guangzhou Investment Co Ltd 1 708 0,014 0,014 Oxiana Ltd 8 721 0,040 0,040 Guoco Group Ltd 2 536 0,010 0,010 PaperlinX Ltd 6 0,000 0,000 Hang Lung Group Ltd 7 403 0,029 0,029 Perpetual Ltd 3 794 0,024 0,024 Hang Lung Properties Ltd 15 112 0,023 0,023 Promina Group Ltd 14 728 0,042 0,042 Hang Seng Bank Ltd 26 977 0,017 0,017 Publishing & Broadcasting Ltd 5 820 0,008 0,008 Henderson Investment Ltd 5 898 0,017 0,017 Qantas Airways Ltd 5 943 0,012 0,012 Henderson Land Development Co Ltd 12 711 0,020 0,020 QBE Insurance Group Ltd 46 985 0,041 0,041 Hengan International Group Co Ltd 8 597 0,052 0,052 Rinker Group Ltd 21 867 0,027 0,027 Hong Kong & China Gas Co 10 326 0,013 0,013 Rio Tinto Ltd 21 127 0,013 0,013 Hong Kong Aircraft Engineerg 2 003 0,014 0,014 Rural Press Ltd 2 529 0,033 0,020 Hong Kong Exchanges and Clearing Ltd 19 816 0,027 0,027 Santos Ltd 13 261 0,046 0,046 Hongkong & Shanghai Hotels/The 2 259 0,015 0,015

N o rg es Ba n k In v est men t M a na g emen t A n n u a l R e por t 2006 39 Foreign exchange reserves Holding of equities at 31 December 2006

Asia/Oceania Ownership stake (per cent) Voting (per cent) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Market value (NOK 1000)

HongKong Electric Holdings 13 301 0,020 0,020 Brother Industries Ltd 9 260 0,040 0,040 Hongkong Land Holdings Ltd 21 386 0,038 0,038 Calsonic Kansei Corp 1 018 0,010 0,010 Hopewell Highway Infrastructure Ltd 993 0,006 0,006 Canon Inc 147 875 0,032 0,032 Hopewell Holdings 8 436 0,043 0,043 Canon Marketing Japan Inc 3 675 0,017 0,017 Hutchison Harbour Ring Ltd 1 109 0,037 0,037 Casio Computer Co Ltd 10 243 0,026 0,026 Hutchison Telecommunications International Ltd 11 733 0,016 0,016 Central Glass Co Ltd 2 423 0,032 0,032 Hutchison Whampoa Ltd 84 044 0,031 0,031 Central Japan Railway Co 30 530 0,021 0,021 Hysan Development Co Ltd 5 152 0,030 0,030 Chiba Bank Ltd/The 11 197 0,024 0,024 I-CABLE Communications Ltd 415 0,014 0,014 Chiyoda Corp 5 601 0,024 0,024 Industrial and Commercial Bank of China Asia Ltd 2 102 0,016 0,016 Chubu Electric Power Co Inc 35 345 0,024 0,024 Jardine Matheson Holdings Ltd 16 617 0,020 0,020 Chugai Pharmaceutical Co Ltd 4 708 0,007 0,007 Jardine Strategic Holdings Ltd 11 014 0,012 0,012 Chugoku Bank Ltd/The 4 571 0,024 0,024 Johnson Electric Holdings Ltd 3 279 0,021 0,021 Chugoku Electric Power Co Inc/The 13 630 0,027 0,027 Kerry Properties Ltd 5 600 0,016 0,016 Circle K Sunkus Co Ltd 1 337 0,014 0,014 Kingboard Chemical Holdings Ltd 5 662 0,028 0,028 Citizen Watch Co Ltd (600) -0,003 0,000 Lee & Man Paper Manufacturing Ltd 31 0,000 0,000 Coca-Cola West Holdings Co Ltd 792 0,005 0,005 Lenovo Group Ltd 3 284 0,015 0,015 COMSYS Holdings Corp 689 0,007 0,007 Li & Fung Ltd 32 990 0,050 0,050 Cosmo Oil Co Ltd 10 420 0,061 0,061 Link REIT/The 13 085 0,048 0,048 Credit Saison Co Ltd 15 490 0,040 0,040 Mandarin Oriental International Ltd 1 269 0,012 0,012 CSK Holdings Corp 1 628 0,008 0,008 Melco PBL Entertainment Macau Ltd 1 085 0,002 0,002 Culture Convenience Club Co Ltd 1 705 0,019 0,019 MTR Corp 6 543 0,008 0,008 Dai Nippon Printing Co Ltd 16 519 0,024 0,024 New World Development Ltd 14 145 0,031 0,031 Daicel Chemical Industries Ltd 4 209 0,026 0,026 Next Media Ltd 529 0,009 0,009 Daido Steel Co Ltd 5 332 0,030 0,030 Orient Overseas International Ltd 1 981 0,008 0,008 Daiei Inc/The 8 073 0,049 0,097 Oriental Press Group 339 0,013 0,013 Daifuku Co Ltd 16 484 0,147 0,147 PCCW Ltd 8 058 0,032 0,032 Daihatsu Motor Co Ltd 6 087 0,023 0,023 Public Financial Holdings Ltd 512 0,010 0,010 Daiichi Sankyo Co Ltd 37 555 0,026 0,026 SCMP Group Ltd 1 332 0,036 0,036 Daikin Industries Ltd 10 038 0,018 0,018 Semiconductor Manufacturing International Corp 2 026 0,014 0,014 Daikyo Inc 638 0,006 0,006 Shanghai Industrial Holdings Ltd 1 883 0,015 0,015 Daimaru Inc 24 274 0,106 0,106 Shangri-La Asia Ltd 5 329 0,013 0,013 Dainippon Ink and Chemicals Inc 21 264 0,111 0,111 Shenzhen International Holdings 443 0,010 0,010 Dainippon Screen Manufacturing Co Ltd 3 631 0,026 0,026 Shenzhen Investment Ltd 1 598 0,025 0,025 Dainippon Sumitomo Pharma Co Ltd 4 990 0,017 0,017 Shun Tak Holdings Ltd 4 097 0,020 0,020 Daishi Bank Ltd/The 2 579 0,028 0,028 Sino Land Co 15 274 0,023 0,023 Daito Trust Construction Co Ltd 3 452 0,010 0,010 SmarTone Telecommunications Holding Ltd 548 0,015 0,015 Daiwa House Industry Co Ltd 40 238 0,062 0,062 Sun Hung Kai Properties Ltd 63 020 0,035 0,035 Daiwa Securities Group Inc 38 019 0,039 0,039 Swire Pacific Ltd 31 923 0,032 0,022 Denki Kagaku Kogyo K K 4 527 0,036 0,036 TCL Multimedia Technology Holdings Ltd 693 0,040 0,040 Denso Corp 34 505 0,016 0,016 Techtronic Industries Co 7 578 0,064 0,064 Dentsu Inc 6 948 0,014 0,014 Television Broadcasts Ltd 5 172 0,031 0,031 Diamond City Co Ltd 10 623 0,099 0,099 Tencent Holdings Ltd 6 631 0,017 0,017 Diamond Lease Co Ltd 3 419 0,020 0,020 Texwinca Holdings Ltd 2 007 0,035 0,035 Disco Corp 6 079 0,041 0,041 Tingyi Cayman Islands Holding Corp 3 018 0,009 0,009 Don Quijote Co Ltd 2 080 0,024 0,024 TPV Technology Ltd 2 537 0,033 0,033 Dowa Holdings Co Ltd 8 564 0,053 0,053 Wharf Holdings Ltd 11 647 0,021 0,021 East Japan Railway Co 39 673 0,024 0,024 Wheelock & Co Ltd 3 786 0,016 0,016 Ebara Corp 1 525 0,015 0,015 Wing Hang Bank Ltd 6 813 0,032 0,032 EDION Corp 858 0,009 0,009 Wing Lung Bank 3 256 0,021 0,021 Eisai Co Ltd 22 487 0,022 0,022 Yue Yuen Industrial Holdings Ltd 6 602 0,020 0,020 Electric Power Development Co Ltd 11 555 0,025 0,025 Elpida Memory Inc 5 400 0,012 0,012 Japan Ezaki Glico Co Ltd (578) -0,006 0,000 77 Bank Ltd/The 2 485 0,016 0,016 FamilyMart Co Ltd 525 0,003 0,003 ABC-Mart Inc 15 477 0,120 0,120 Fanuc Ltd 89 536 0,061 0,061 Access Co Ltd (459) -0,004 0,000 Fast Retailing Co Ltd 1 247 0,002 0,002 Acom Co Ltd 6 868 0,021 0,021 Fuji Electric Holdings Co Ltd 8 055 0,032 0,032 Advantest Corp 42 195 0,059 0,059 Fuji Fire & Marine Insurance Co Ltd/The 1 206 0,011 0,011 Aeon Co Ltd 37 325 0,035 0,035 Fuji Heavy Industries Ltd 8 078 0,032 0,032 Aeon Credit Service Co Ltd 3 123 0,017 0,017 Fuji Seal International Inc 11 424 0,249 0,249 Aeon Mall Co Ltd 1 229 0,006 0,006 Fuji Soft Inc 2 431 0,044 0,044 Aichi Steel Corp 1 735 0,023 0,023 Fuji Television Network Inc 1 919 0,006 0,006 Aiful Corp 3 641 0,015 0,015 FUJIFILM Holdings Corp 31 762 0,024 0,024 Aioi Insurance Co Ltd 4 082 0,012 0,012 Fujikura Ltd 7 331 0,036 0,036 Aisin Seiki Co Ltd 10 988 0,018 0,018 Fujitsu Ltd 23 036 0,023 0,023 Ajinomoto Co Inc 2 877 0,005 0,005 Fukuyama Transporting Co Ltd 1 508 0,023 0,023 Alfresa Holdings Corp 4 433 0,029 0,029 Funai Electric Co Ltd 50 0,000 0,000 All Nippon Airways Co Ltd 3 850 0,009 0,009 Furukawa Electric Co Ltd 34 669 0,125 0,126 Alps Electric Co Ltd 2 725 0,022 0,022 Futaba Corp/Chiba 1 324 0,019 0,019 Amada Co Ltd 6 985 0,026 0,026 Futaba Industrial Co Ltd 683 0,006 0,006 AOC Holdings Inc 601 0,008 0,008 Goldcrest Co Ltd 9 625 0,084 0,084 Aoyama Trading Co Ltd 2 929 0,023 0,023 Goodwill Group Inc/The 4 917 0,046 0,046 Aozora Bank Ltd 4 645 0,012 0,012 Gulliver International Co Ltd 5 460 0,098 0,098 Aruze Corp (715) -0,005 0,000 Gunma Bank Ltd/The 5 679 0,030 0,030 Asahi Breweries Ltd 1 414 0,003 0,003 Gunze Ltd 31 0,000 0,000 Asahi Glass Co Ltd 15 019 0,017 0,017 Hachijuni Bank Ltd/The 4 925 0,023 0,023 Asahi Kasei Corp 11 805 0,020 0,020 Hakuhodo DY Holdings Inc 3 987 0,025 0,025 Asatsu-DK Inc 1 620 0,016 0,016 Hamamatsu Photonics KK 3 582 0,025 0,025 Asics Corp 31 071 0,199 0,199 Hankyu Department Stores 829 0,009 0,009 ASKUL Corp 617 0,012 0,012 Hankyu Hanshin Holdings Inc 23 843 0,053 0,053 Astellas Pharma Inc 36 468 0,023 0,023 Haseko Corp 4 085 0,018 0,018 Autobacs Seven Co Ltd 1 750 0,020 0,020 Heiwa Corp 456 0,005 0,005 Awa Bank Ltd/The 1 831 0,023 0,023 Higo Bank Ltd/The 1 420 0,014 0,014 Bank of Fukuoka Ltd/The 5 488 0,017 0,017 Hikari Tsushin Inc 2 350 0,015 0,015 Bank of Kyoto Ltd/The 3 480 0,017 0,017 Hino Motors Ltd 4 125 0,022 0,022 Bank of Nagoya Ltd/The 2 441 0,030 0,030 Hirose Electric Co Ltd 6 354 0,022 0,022 Bank of Yokohama Ltd/The 11 786 0,017 0,017 Hiroshima Bank Ltd/The 3 894 0,017 0,017 Benesse Corp 2 533 0,010 0,010 Hisamitsu Pharmaceutical Co Inc 3 723 0,020 0,020 Bosch Corp 33 0,000 0,000 Hitachi Cable Ltd 2 409 0,018 0,018 Bridgestone Corp 23 599 0,021 0,021 Hitachi Capital Corp 3 950 0,027 0,027

40 Foreign exchange reserves Holding of equities at 31 December 2006

Asia/Oceania Ownership stake (per cent) Voting (per cent) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Market value (NOK 1000)

Hitachi Chemical Co Ltd 22 761 0,064 0,064 Kyushu Electric Power Co Inc 21 461 0,028 0,028 Hitachi Construction Machinery Co Ltd 4 398 0,013 0,013 Lawson Inc 779 0,003 0,003 Hitachi High-Technologies Corp 15 705 0,062 0,062 Leopalace21 Corp 25 714 0,081 0,081 Hitachi Information Systems Ltd 946 0,016 0,016 Lintec Corp 1 372 0,015 0,015 Hitachi Koki Co Ltd 706 0,007 0,007 Lion Corp 32 0,000 0,000 Hitachi Ltd 33 073 0,025 0,025 Mabuchi Motor Co Ltd 1 850 0,011 0,011 Hitachi Maxell Ltd 1 567 0,017 0,017 Makita Corp 6 962 0,025 0,025 Hitachi Metals Ltd 2 582 0,011 0,011 Marubeni Corp 18 716 0,036 0,036 Hitachi Software Engineering Co Ltd 1 026 0,014 0,014 Marui Co Ltd 2 604 0,010 0,010 Hokkaido Electric Power Co Inc 11 247 0,033 0,033 Maruichi Steel Tube Ltd 2 768 0,016 0,016 Hokkoku Bank Ltd/The 1 236 0,014 0,014 Matsui Securities Co Ltd 1 562 0,012 0,012 Hokuhoku Financial Group Inc 6 561 0,021 0,021 Matsumotokiyoshi Co Ltd 14 0,000 0,000 Hokuriku Electric Power Co 9 527 0,031 0,031 Matsushita Electric Industrial Co Ltd 92 507 0,030 0,030 Honda Motor Co Ltd 110 886 0,025 0,025 Matsushita Electric Works Ltd 4 468 0,008 0,008 Honeys Co Ltd 13 858 0,215 0,215 Mazda Motor Corp 11 088 0,019 0,019 Horiba Ltd 713 0,007 0,007 Mediceo Paltac Holdings Co Ltd 7 152 0,025 0,025 House Foods Corp 1 056 0,009 0,009 Meiji Dairies Corp 2 644 0,016 0,016 Hoya Corp 20 488 0,019 0,019 Meiji Seika Kaisha Ltd 714 0,006 0,006 Hyakugo Bank Ltd/The 2 192 0,021 0,021 Meitec Corp 2 886 0,042 0,042 Hyakujushi Bank Ltd/The 3 390 0,028 0,028 Millea Holdings Inc 30 945 0,017 0,017 Ibiden Co Ltd 10 942 0,023 0,023 Minebea Co Ltd 24 694 0,142 0,142 Inpex Holdings Inc 25 961 0,022 0,022 Misawa Homes Holdings Inc 19 278 0,324 0,324 Isetan Co Ltd 3 348 0,013 0,013 MISUMI Group Inc 15 333 0,147 0,147 Ishikawajima-Harima Heavy Industries Co Ltd (590) -0,002 0,000 Mitsubishi Chemical Holdings Corp 10 268 0,015 0,015 Isuzu Motors Ltd 4 849 0,010 0,010 Mitsubishi Corp 63 254 0,032 0,032 Ito En Ltd 152 0,001 0,001 Mitsubishi Electric Corp 24 004 0,020 0,020 Itochu Corp 24 760 0,031 0,031 Mitsubishi Estate Co Ltd 71 459 0,032 0,032 Itochu Techno-Solutions Corp 1 356 0,006 0,006 Mitsubishi Gas Chemical Co Inc 7 221 0,023 0,023 Iyo Bank Ltd/The 3 925 0,021 0,021 Mitsubishi Heavy Industries Ltd 27 195 0,029 0,029 Izumi Co Ltd 354 0,003 0,003 Mitsubishi Logistics Corp 7 721 0,045 0,045 Jaccs Co Ltd 18 653 0,330 0,330 Mitsubishi Materials Corp 7 988 0,029 0,029 Jafco Co Ltd 3 687 0,025 0,025 Mitsubishi Motors Corp 9 913 0,018 0,018 Japan Airlines Corp 820 0,003 0,003 Mitsubishi Rayon Co Ltd 5 100 0,020 0,020 Japan Asia Investment Co Ltd 8 185 0,196 0,196 Mitsubishi UFJ Financial Group Inc 289 127 0,035 0,035 Japan Petroleum Exploration Co 13 430 0,064 0,064 Mitsubishi UFJ Securities Co 7 806 0,016 0,016 Japan Securities Finance Co Ltd 6 777 0,090 0,090 Mitsui & Co Ltd 84 920 0,053 0,053 Japan Steel Works Ltd/The 3 985 0,022 0,022 Mitsui Chemicals Inc 9 334 0,025 0,025 Japan Tobacco Inc 73 463 0,024 0,024 Mitsui Engineering & Shipbuilding Co Ltd 4 631 0,028 0,028 JFE Holdings Inc 55 928 0,030 0,030 Mitsui Fudosan Co Ltd 64 059 0,048 0,048 JGC Corp 29 600 0,107 0,107 Mitsui Mining & Smelting Co Ltd 6 509 0,036 0,036 Joint Corp 646 0,006 0,006 Mitsui OSK Lines Ltd 23 925 0,032 0,032 Joyo Bank Ltd/The 5 905 0,021 0,021 Mitsui Sumitomo Insurance Co Ltd 47 080 0,046 0,046 JS Group Corp 22 841 0,056 0,056 Mitsui Trust Holdings Inc 19 701 0,030 0,030 JSAT Corp 491 0,009 0,009 Mitsukoshi Ltd 29 0,000 0,000 JSR Corp 5 713 0,014 0,014 Mitsumi Electric Co Ltd 2 122 0,021 0,021 JTEKT Corp 14 250 0,034 0,034 Mizuho Financial Group Inc 196 985 0,037 0,037 Juroku Bank Ltd/The 3 256 0,026 0,026 Mizuho Investors Securities Co Ltd 1 358 0,009 0,009 kabu.com Securities Co Ltd 140 0,002 0,002 Mizuho Trust & Banking Co Ltd 5 077 0,007 0,007 Kagoshima Bank Ltd/The 2 070 0,022 0,022 Mochida Pharmaceutical Co Ltd 1 594 0,022 0,022 Kajima Corp 7 119 0,025 0,025 Monex Beans Holdings Inc 1 663 0,015 0,015 Kamigumi Co Ltd 5 395 0,039 0,039 Mori Seiki Co Ltd 3 607 0,027 0,027 Kandenko Co Ltd 976 0,013 0,013 Murata Manufacturing Co Ltd 27 426 0,029 0,029 Kaneka Corp 4 362 0,022 0,022 Musashino Bank Ltd/The 2 400 0,023 0,023 Kansai Electric Power Co Inc/The 45 943 0,028 0,028 Nagase & Co Ltd 667 0,007 0,007 Kansai Paint Co Ltd 3 101 0,023 0,023 Nagoya Railroad Co Ltd 3 737 0,023 0,023 Kansai Urban Banking Corp 1 089 0,009 0,009 Namco Bandai Holdings Inc 5 735 0,024 0,024 Kao Corp 168 0,000 0,000 Nanto Bank Ltd/The 1 808 0,020 0,020 Katokichi Co Ltd 30 0,000 0,000 NEC Corp 10 942 0,018 0,018 Kawasaki Heavy Industries Ltd 9 693 0,027 0,027 NEC Electronics Corp 18 0,000 0,000 Kawasaki Kisen Kaisha Ltd 27 146 0,094 0,094 NET One Systems Co Ltd 935 0,021 0,021 KDDI Corp 88 597 0,047 0,047 NGK Insulators Ltd 7 972 0,023 0,023 Keihan Electric Railway Co Ltd 3 928 0,025 0,025 NGK Spark Plug Co Ltd 5 970 0,022 0,022 Keihin Corp 720 0,006 0,006 NHK Spring Co Ltd 3 399 0,021 0,021 Keihin Electric Express Railway Co Ltd 3 899 0,017 0,017 Nichicon Corp 1 374 0,023 0,023 Keio Corp 5 150 0,020 0,020 Nichirei Corp 732 0,007 0,007 Keisei Electric Railway Co Ltd 2 795 0,023 0,023 Nidec Corp 19 614 0,028 0,028 Keiyo Bank Ltd/The 1 303 0,013 0,013 Nidec Sankyo Corp 10 213 0,096 0,096 Keyence Corp 48 078 0,062 0,062 Nikko Cordial Corp 20 827 0,030 0,030 Kikkoman Corp 826 0,006 0,006 Nikon Corp 29 322 0,058 0,058 Kinden Corp 1 812 0,014 0,014 Nintendo Co Ltd 105 437 0,046 0,046 Kintetsu Corp 7 162 0,023 0,023 Nippon Electric Glass Co Ltd 20 902 0,050 0,050 Kirin Brewery Co Ltd 782 0,001 0,001 Nippon Express Co Ltd 14 457 0,040 0,040 Kissei Pharmaceutical Co Ltd 1 372 0,023 0,023 Nippon Kayaku Co Ltd 1 886 0,021 0,021 KK DaVinci Advisors 666 0,007 0,007 Nippon Light Metal Co Ltd 4 064 0,047 0,047 Kobayashi Pharmaceutical Co Ltd 2 575 0,026 0,026 Nippon Meat Packers Inc 1 223 0,008 0,008 Kobe Steel Ltd 21 043 0,032 0,032 Nippon Mining Holdings Inc 22 387 0,054 0,054 Koei Co Ltd 760 0,011 0,011 Nippon Oil Corp 33 151 0,054 0,054 Koito Manufacturing Co Ltd 17 146 0,114 0,114 Nippon Paint Co Ltd 1 728 0,020 0,020 Kokuyo Co Ltd 2 634 0,021 0,021 Nippon Paper Group Inc 9 221 0,036 0,036 Komatsu Electronic Metals Co Ltd 51 669 0,530 0,530 Nippon Sheet Glass Co Ltd 2 333 0,013 0,013 Komatsu Ltd 35 612 0,028 0,028 Nippon Shokubai Co Ltd 3 834 0,030 0,030 Komeri Co Ltd 1 364 0,014 0,014 Nippon Steel Corp 68 839 0,028 0,028 Konami Corp 4 722 0,017 0,017 Nippon Suisan Kaisha Ltd 694 0,007 0,007 Konica Minolta Holdings Inc 30 901 0,066 0,066 Nippon Telegraph & Telephone Corp 45 840 0,010 0,009 Kose Corp (564) -0,005 0,000 Nippon Television Network Corp 2 399 0,010 0,010 Kubota Corp 7 889 0,011 0,011 Nippon Yusen KK 18 503 0,033 0,033 Kuraray Co Ltd 6 456 0,023 0,023 Nipponkoa Insurance Co Ltd 6 858 0,016 0,016 Kurita Water Industries Ltd 3 089 0,017 0,017 Nipro Corp 114 0,002 0,002 Kyocera Corp 31 308 0,028 0,028 Nis Group Co Ltd 1 804 0,022 0,022 Kyowa Hakko Kogyo Co Ltd 4 313 0,019 0,019 Nishimatsu Construction Co Ltd 2 115 0,037 0,037

N o rg es Ba n k In v est men t M a na g emen t A n n u a l R e por t 2006 41 Foreign exchange reserves Holding of equities at 31 December 2006

Asia/Oceania Ownership stake (per cent) Voting (per cent) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Market value (NOK 1000)

Nishi-Nippon City Bank Ltd/The 13 832 0,065 0,065 Shimadzu Corp 2 686 0,017 0,017 Nishi-Nippon Railroad Co Ltd 2 133 0,023 0,023 Shimamura Co Ltd 786 0,003 0,003 Nissan Chemical Industries Ltd 3 712 0,026 0,026 Shimano Inc 3 930 0,022 0,022 Nissan Motor Co Ltd 87 355 0,026 0,026 Shimizu Corp 3 607 0,015 0,015 Nissay Dowa General Insurance Co Ltd 1 644 0,011 0,011 Shin-Etsu Chemical Co Ltd 62 512 0,035 0,035 Nisshin Seifun Group Inc 1 540 0,009 0,009 Shinko Electric Industries 2 633 0,012 0,012 Nisshin Steel Co Ltd 7 483 0,033 0,033 Shinko Securities Co Ltd 6 470 0,033 0,033 Nisshinbo Industries Inc 773 0,006 0,006 Shinsei Bank Ltd 17 301 0,032 0,032 Nissin Food Products Co Ltd 2 327 0,008 0,008 Shionogi & Co Ltd 6 236 0,015 0,015 Nissin Kogyo Co Ltd 688 0,007 0,007 Shiseido Co Ltd 1 213 0,002 0,002 Nitori Co Ltd (621) -0,004 0,000 Shizuoka Bank Ltd/The 6 480 0,015 0,015 Nitto Denko Corp 9 187 0,017 0,017 Shoei Co Ltd 14 544 0,226 0,226 NOK Corp 4 781 0,023 0,023 Showa Denko KK 5 337 0,019 0,019 Nomura Holdings Inc 105 052 0,046 0,046 Showa Shell Sekiyu KK 4 448 0,017 0,017 Nomura Research Institute Ltd 9 019 0,022 0,022 SKY Perfect Communications Inc 10 865 0,126 0,126 NS Solutions Corp 1 821 0,020 0,020 SMC Corp/Japan 47 278 0,075 0,075 NSK Ltd 7 233 0,021 0,021 Softbank Corp 37 428 0,029 0,029 NTN Corp 6 022 0,023 0,023 Sohgo Security Services Co Ltd 1 890 0,015 0,015 NTT Data Corp 10 371 0,012 0,012 Sompo Japan Insurance Inc 12 317 0,016 0,016 NTT DoCoMo Inc 116 137 0,025 0,025 Sony Corp 80 535 0,030 0,030 NTT Urban Development Corp 1 022 0,003 0,003 Square Enix Co Ltd 717 0,004 0,004 Obayashi Corp 5 607 0,019 0,019 Stanley Electric Co Ltd 57 814 0,246 0,246 OBIC Business Consultants Ltd 938 0,011 0,011 Sumco Corp 38 953 0,059 0,059 Obic Co Ltd 1 699 0,013 0,013 Sumisho Computer Systems Corp 1 153 0,015 0,015 Odakyu Electric Railway Co Ltd 3 181 0,011 0,011 Sumitomo Bakelite Co Ltd 2 663 0,023 0,023 Ogaki Kyoritsu Bank Ltd/The 1 679 0,021 0,021 Sumitomo Chemical Co Ltd 13 022 0,016 0,016 OJI Paper Co Ltd 8 553 0,024 0,024 Sumitomo Corp 36 165 0,031 0,031 Okasan Holdings Inc 1 234 0,015 0,015 Sumitomo Electric Industries Ltd 16 542 0,022 0,022 Oki Electric Industry Co Ltd 2 756 0,029 0,029 Sumitomo Forestry Co Ltd 1 887 0,016 0,016 OKUMA Corp 721 0,006 0,006 Sumitomo Heavy Industries Ltd 8 687 0,022 0,022 Olympus Corp 15 048 0,028 0,028 Sumitomo Metal Industries Ltd 52 059 0,040 0,040 OMC Card Inc 1 430 0,014 0,014 Sumitomo Metal Mining Co Ltd 21 943 0,048 0,048 Omron Corp 25 680 0,058 0,058 Sumitomo Mitsui Financial Group Inc 246 777 0,050 0,050 Ono Pharmaceutical Co Ltd 8 991 0,022 0,022 Sumitomo Osaka Cement Co Ltd 346 0,004 0,004 Onward Kashiyama Co Ltd 79 0,001 0,001 Sumitomo Real Estate Sales Co Ltd 1 192 0,009 0,009 Oracle Corp 1 152 0,003 0,003 Sumitomo Realty & Development Co Ltd 25 151 0,026 0,026 Orient Corp 2 634 0,026 0,026 Sumitomo Rubber Industries Inc 4 369 0,021 0,021 Oriental Land Co Ltd 2 897 0,009 0,009 Sumitomo Titanium Corp 3 060 0,012 0,012 ORIX Corp 105 867 0,065 0,065 Sumitomo Trust & Banking Co Ltd/The 21 194 0,019 0,019 Osaka Gas Co Ltd 12 222 0,024 0,024 Sumitomo Warehouse Co Ltd/The 19 427 0,212 0,212 Osaka Securities Exchange Co Ltd 18 686 0,222 0,222 Sundrug Co Ltd 8 977 0,097 0,097 Otsuka Corp 253 0,001 0,001 Suruga Bank Ltd 3 312 0,016 0,016 Pacific Golf Group International Holdings KK (572) -0,006 0,000 Suzuken Co Ltd 4 448 0,020 0,020 Pacific Management Corp 559 0,007 0,007 Suzuki Motor Corp 79 623 0,084 0,084 Pacific Metals Co Ltd 732 0,006 0,006 Sysmex Corp 146 0,001 0,001 PanaHome Corp 478 0,007 0,007 T&D Holdings Inc 42 481 0,042 0,042 Parco Co Ltd 8 522 0,145 0,145 Tadano Ltd (733) -0,008 0,000 Park24 Co Ltd 223 0,002 0,002 Taiheiyo Cement Corp 3 360 0,015 0,015 Pentax Corp 15 676 0,313 0,313 Taisei Corp 4 382 0,022 0,022 Pioneer Corp 6 464 0,042 0,042 Taisho Pharmaceutical Co Ltd 8 032 0,022 0,022 Plenus Co Ltd 477 0,008 0,008 Taiyo Nippon Sanso Corp 2 577 0,011 0,011 Point Inc (695) -0,007 0,000 Taiyo Yuden Co Ltd 8 230 0,062 0,062 Promise Co Ltd 7 376 0,028 0,028 Takara Holdings Inc 40 0,000 0,000 QP Corp 5 0,000 0,000 Takashimaya Co Ltd 3 164 0,011 0,011 Rakuten Inc (580) -0,002 0,000 Take And Give Needs Co Ltd 3 921 0,111 0,111 Resona Holdings Inc 22 893 0,012 0,012 Takeda Pharmaceutical Co Ltd 108 266 0,029 0,029 Ricoh Co Ltd 18 920 0,020 0,020 Takefuji Corp 4 944 0,014 0,014 Right On Co Ltd 7 227 0,101 0,101 Tanabe Seiyaku Co Ltd 5 282 0,024 0,024 Rinnai Corp 2 549 0,025 0,025 TDK Corp 14 731 0,022 0,022 Rohm Co Ltd 19 567 0,027 0,027 Teijin Ltd 6 818 0,019 0,019 Round One Corp 29 282 0,252 0,252 Terumo Corp 342 0,001 0,001 Ryohin Keikaku Co Ltd 37 607 0,281 0,281 THK Co Ltd 24 352 0,114 0,114 Ryoshoku Ltd 105 0,002 0,002 TIS Inc 1 500 0,023 0,023 Sagami Railway Co Ltd 62 0,001 0,001 Tobu Railway Co Ltd 4 507 0,017 0,017 San-In Godo Bank Ltd/The 2 832 0,028 0,028 TOC Co Ltd 6 271 0,146 0,146 Sanken Electric Co Ltd 3 454 0,036 0,036 Toda Corp 2 586 0,030 0,030 Sankyo Co Ltd 4 270 0,013 0,013 Toho Co Ltd/Tokyo 4 921 0,023 0,023 Sankyu Inc 624 0,006 0,006 Toho Gas Co Ltd 3 842 0,022 0,022 Santen Pharmaceutical Co Ltd 5 794 0,038 0,038 Toho Titanium Co Ltd 1 535 0,008 0,008 Sanwa Shutter Corp 625 0,006 0,006 Tohoku Electric Power Co Inc 18 795 0,024 0,024 Sanyo Electric Co Ltd 5 192 0,035 0,035 Tokai Carbon Co Ltd 17 683 0,193 0,193 Sanyo Shinpan Finance Co Ltd 1 119 0,019 0,019 Tokai Rika Co Ltd 29 861 0,200 0,200 Sapporo Hokuyo Holdings Inc 6 550 0,027 0,027 Tokai Rubber Industries Inc 942 0,009 0,009 Sapporo Holdings Ltd 35 0,000 0,000 Tokuyama Corp 3 977 0,015 0,015 SBI Holdings Inc 11 893 0,046 0,046 Tokyo Broadcasting System Inc 1 701 0,004 0,004 Secom Co Ltd 23 213 0,031 0,031 Tokyo Electric Power Co Inc/The 69 467 0,026 0,026 Sega Sammy Holdings Inc 8 253 0,017 0,017 Tokyo Electron Ltd 65 875 0,074 0,074 Seiko Epson Corp 3 827 0,013 0,013 Tokyo Gas Co Ltd 21 632 0,023 0,023 Seino Holdings Corp 3 564 0,029 0,029 Tokyo Ohka Kogyo Co Ltd 763 0,009 0,009 Seiyu Ltd/The 7 0,000 0,000 Tokyo Seimitsu Co Ltd 1 997 0,017 0,017 Sekisui Chemical Co Ltd 6 695 0,025 0,025 Tokyo Star Bank Ltd/The 1 538 0,012 0,012 Sekisui House Ltd 21 009 0,033 0,033 Tokyo Steel Manufacturing Co Ltd 3 305 0,022 0,022 Seven & I Holdings Co Ltd 15 546 0,008 0,008 Tokyo Style Co Ltd 67 0,001 0,001 SFCG Co Ltd 3 449 0,029 0,029 Tokyo Tatemono Co Ltd 6 998 0,032 0,032 Sharp Corp 26 673 0,022 0,022 Tokyu Construction Co Ltd 569 0,013 0,013 Shiga Bank Ltd/The 2 085 0,020 0,020 Tokyu Corp 8 840 0,019 0,019 Shikoku Bank Ltd/The 971 0,019 0,019 Tokyu Land Corp 7 622 0,024 0,024 Shikoku Electric Power Co Inc 9 940 0,027 0,027 TonenGeneral Sekiyu KK 12 137 0,034 0,034 Shima Seiki Manufacturing Ltd 1 026 0,019 0,019 Topcon Corp 15 497 0,135 0,135 Shimachu Co Ltd 1 298 0,014 0,014 Toppan Forms Co Ltd 599 0,006 0,006

42 Foreign exchange reserves Holding of equities at 31 December 2006

Asia/Oceania Ownership stake (per cent) Voting (per cent) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Market value (NOK 1000)

Toppan Printing Co Ltd 9 887 0,021 0,021 Hyundai Securities Co 3 087 0,026 0,026 Toray Industries Inc 10 627 0,016 0,016 Hyundai Steel Co 4 065 0,021 0,021 Toshiba Corp 16 158 0,012 0,012 Industrial Bank Of Korea 5 843 0,013 0,013 Toshiba Machine Co Ltd (629) -0,007 0,000 Kangwon Land Inc 5 673 0,020 0,020 Toshiba TEC Corp 1 153 0,012 0,012 KCC Corp 2 450 0,012 0,012 Tosoh Corp 3 408 0,021 0,021 Kia Motors Corp 9 748 0,031 0,031 TOTO Ltd 1 806 0,008 0,008 Kookmin Bank 69 598 0,041 0,041 Toyo Seikan Kaisha Ltd 1 061 0,005 0,005 Korea Electric Power Corp 20 170 0,011 0,011 Toyo Suisan Kaisha Ltd 1 395 0,013 0,013 Korea Exchange Bank 7 244 0,013 0,013 Toyobo Co Ltd (694) -0,005 0,000 Korea Gas Corp 228 0,001 0,001 Toyoda Gosei Co Ltd 4 103 0,022 0,022 Korea Investment Holdings Co Ltd 4 148 0,025 0,025 Toyota Auto Body Co Ltd 1 062 0,008 0,008 Korean Air Lines Co Ltd 2 117 0,012 0,012 Toyota Boshoku Corp 3 781 0,015 0,015 KT Corp 17 814 0,020 0,020 Toyota Industries Corp 12 319 0,013 0,013 KT Freetel Co Ltd 8 599 0,021 0,021 Toyota Motor Corp 378 217 0,025 0,025 KT&G Corp 12 774 0,023 0,023 Toyota Tsusho Corp 11 621 0,020 0,020 LG Card Co Ltd 8 177 0,016 0,016 Trend Micro Inc 25 349 0,101 0,101 LG Chem Ltd 5 499 0,030 0,030 Tsumura & Co 2 324 0,023 0,023 LG Corp 7 410 0,021 0,021 TV Asahi Corp (173) -0,001 0,000 LG Dacom Corp 2 111 0,020 0,020 Ube Industries Ltd/Japan 3 521 0,020 0,020 LG Electronics Inc 61 248 0,115 0,115 UFJ NICOS Co Ltd 862 0,004 0,004 LG Household & Health Care Ltd 6 696 0,052 0,052 Ulvac Inc 1 914 0,021 0,021 LG Petrochemical Co Ltd 1 992 0,028 0,028 Uni-Charm Corp 1 552 0,006 0,006 LG Telecom Ltd 4 754 0,027 0,027 United Arrows Ltd 7 663 0,147 0,147 LG.Philips LCD Co Ltd 8 605 0,013 0,013 UNY Co Ltd 1 215 0,008 0,008 Lotte Chilsung Beverage Co Ltd 3 749 0,032 0,032 Urban Corp 11 334 0,053 0,053 Lotte Confectionery Co Ltd 1 952 0,017 0,017 Ushio Inc 3 820 0,021 0,021 Lotte Midopa Co Ltd 752 0,011 0,011 USS Co Ltd 1 203 0,009 0,009 Lotte Shopping Co Ltd 9 412 0,013 0,006 Victor Co Of Japan Ltd 705 0,009 0,009 LS Cable Ltd 3 557 0,043 0,043 Wacoal Holdings Corp 1 352 0,011 0,011 NCSoft Corp 2 196 0,030 0,030 West Japan Railway Co 11 543 0,022 0,022 NHN Corp 14 639 0,041 0,041 Yahoo! Japan Corp 10 472 0,007 0,007 Nong Shim Co Ltd 1 855 0,016 0,016 Yakult Honsha Co Ltd 2 859 0,009 0,009 Pacific Corp 2 361 0,026 0,026 Yamada Denki Co Ltd 19 496 0,039 0,039 POSCO 87 237 0,048 0,048 Yamaguchi Financial Group Inc 3 570 0,022 0,022 Pusan Bank 4 492 0,039 0,039 Yamaha Corp 6 887 0,025 0,025 ReignCom Ltd 243 0,037 0,037 Yamaha Motor Co Ltd 13 622 0,024 0,024 S1 Corp/Korea 3 432 0,031 0,031 Yamatake Corp 2 571 0,025 0,025 Samsung Corp 13 176 0,041 0,041 Yamato Holdings Co Ltd 13 101 0,030 0,030 Samsung Electro-Mechanics Co Ltd 6 574 0,030 0,030 Yamato Kogyo Co Ltd 865 0,008 0,008 Samsung Electronics Co Ltd 267 628 0,044 0,044 Yamazaki Baking Co Ltd 1 327 0,010 0,010 Samsung Fine Chemicals Co Ltd 1 377 0,034 0,034 Yaskawa Electric Corp 6 836 0,041 0,041 Samsung Fire & Marine Insurance Co Ltd 21 891 0,041 0,041 Yokogawa Electric Corp 6 656 0,025 0,025 Samsung Heavy Industries Co Ltd 24 470 0,071 0,071 Yokohama Rubber Co Ltd/The 3 414 0,027 0,027 Samsung SDI Co Ltd 5 801 0,030 0,030 Yoshimoto Kogyo Co Ltd 8 484 0,248 0,248 Samsung Securities Co Ltd 6 091 0,027 0,027 Yoshinoya D&C Co Ltd 536 0,008 0,008 Samsung Techwin Co Ltd 7 160 0,041 0,041 Zensho Co Ltd 12 331 0,151 0,151 Shinhan Financial Group Co Ltd 50 467 0,042 0,042 Zeon Corp 2 688 0,017 0,017 Shinsegae Co Ltd 22 992 0,031 0,031 Sindo Ricoh Co Ltd 636 0,017 0,017 Korea, Republic of SK Corp 29 546 0,047 0,047 Amorepacific Corp 10 717 0,047 0,047 SK Telecom Co Ltd 24 963 0,021 0,021 Cheil Communications Inc 2 015 0,028 0,028 SKC Co Ltd 1 287 0,024 0,024 Cheil Industries Inc 8 964 0,068 0,068 S-Oil Corp 17 694 0,034 0,034 CJ Corp 4 764 0,021 0,021 Ssangyong Motor Co 1 933 0,045 0,045 Daeduck Electronics Co 1 101 0,047 0,047 Woongjin Coway Co Ltd 8 139 0,063 0,063 Daegu Bank 6 191 0,044 0,044 Woori Finance Holdings Co Ltd 14 547 0,012 0,012 Daelim Industrial Co 5 455 0,031 0,031 Woori Investment & Securities Co Ltd 3 384 0,019 0,019 Daewoo Engineering & Construction Co Ltd 8 952 0,021 0,021 Yuhan Corp 6 0,000 0,000 Daewoo International Corp 7 959 0,032 0,032 Daewoo Securities Co Ltd 4 497 0,019 0,019 New Zealand Daewoo Shipbuilding & Marine Engineering Co Ltd 10 521 0,028 0,028 Air New Zealand Ltd 851 0,010 0,010 Daishin Securities Co Ltd 3 345 0,042 0,028 Auckland International Airport Ltd 2 011 0,017 0,017 Daum Commerce Co Ltd 161 0,043 0,043 Contact Energy Ltd 2 736 0,013 0,013 Daum Communications Corp 2 064 0,043 0,043 Fisher & Paykel Appliances Holdings Ltd 2 926 0,061 0,061 DongbuElectronics Co Ltd 595 0,015 0,015 Fisher & Paykel Healthcare Corp 3 792 0,040 0,040 Dongkuk Steel Mill Co Ltd 3 640 0,037 0,037 Fletcher Building Ltd 6 419 0,027 0,028 Doosan Heavy Industries and Construction Co Ltd 8 902 0,029 0,029 Infratil Ltd 862 0,017 0,017 Doosan Infracore Co Ltd 8 189 0,035 0,035 Kiwi Income Property Trust 2 326 0,048 0,048 Glovis Co Ltd 486 0,007 0,007 Port of Tauranga Ltd 341 0,010 0,010 GS Engineering & Construction Corp 5 394 0,019 0,019 Sky City Entertainment Group Ltd 2 687 0,027 0,027 GS Holdings Corp 4 179 0,022 0,022 Sky Network Television Ltd 2 405 0,021 0,021 Halla Climate Control 1 731 0,020 0,020 Telecom Corp of New Zealand Ltd 17 907 0,042 0,042 Hana Financial Group Inc 21 344 0,031 0,031 Tower Ltd 848 0,046 0,046 Hanjin Shipping Co Ltd 2 772 0,022 0,022 Vector Ltd 327 0,003 0,003 Hankook Tire Co Ltd 4 699 0,029 0,029 Warehouse Group Ltd 2 444 0,025 0,025 Hanwha Chem Corp 1 582 0,019 0,019 Hanwha Corp 7 555 0,043 0,043 Singapore Hite Brewery Co Ltd 4 727 0,031 0,031 Allgreen Properties Ltd 1 729 0,020 0,024 Honam Petrochemical Corp 3 303 0,022 0,022 BIL International Ltd 2 127 0,022 0,023 Hynix Semiconductor Inc 24 652 0,022 0,011 CapitaCommercial Trust 4 508 0,031 0,031 Hyosung Corp 2 846 0,045 0,045 CapitaLand Ltd 16 656 0,024 0,024 Hyundai Autonet Co Ltd 2 991 0,021 0,021 CapitaMall Trust 5 786 0,031 0,031 Hyundai Department Store Co Ltd 5 169 0,041 0,041 Cerebos Pacific Ltd 753 0,017 0,017 Hyundai Development Co 19 342 0,067 0,067 Chartered Semiconductor Manufacturing Ltd 1 901 0,014 0,014 Hyundai Engineering & Construction Co Ltd 7 069 0,017 0,017 City Developments Ltd 8 607 0,018 0,018 Hyundai Heavy Industries 34 108 0,053 0,053 ComfortDelgro Corp Ltd 3 077 0,023 0,023 Hyundai Hysco 522 0,010 0,010 Creative Technology Ltd 1 169 0,033 0,033 Hyundai Merchant Marine Co Ltd 3 727 0,021 0,018 DBS Group Holdings Ltd 42 738 0,031 0,031 Hyundai Mobis 15 217 0,031 0,031 Fortune Real Estate Investment Trust 1 224 0,032 0,032 Hyundai Motor Co 30 386 0,031 0,031 Fraser and Neave Ltd 6 392 0,030 0,030

N o rg es Ba n k In v est men t M a na g emen t A n n u a l R e por t 2006 43 Foreign exchange reserves Holding of equities at 31 December 2006

Asia/Oceania Ownership stake (per cent) Voting (per cent) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Market value (NOK 1000)

Haw Par Corp Ltd 1 527 0,026 0,026 HON HAI Precision Industry Co Ltd 76 994 0,035 0,035 Hotel Properties Ltd 559 0,011 0,011 Hua Nan Financial Holdings Co Ltd 1 0,000 0,000 Jardine Cycle & Carriage Ltd 3 678 0,018 0,018 Inventec Appliances Corp 3 798 0,050 0,050 Keppel Corp Ltd 17 213 0,031 0,031 Inventec Co Ltd 5 381 0,043 0,043 Keppel Land Ltd 4 424 0,022 0,022 Jih Sun Financial Holdings Co Ltd 1 345 0,032 0,032 K-REIT Asia 252 0,010 0,010 KGI Securities Co Ltd 2 027 0,035 0,035 MobileOne Ltd 3 656 0,042 0,042 Kinpo Electronics 1 504 0,044 0,044 Neptune Orient Lines Ltd 1 535 0,012 0,012 Largan Precision Co Ltd 12 327 0,084 0,084 Noble Group Ltd 1 315 0,012 0,012 Lite-On IT Corp 367 0,008 0,008 Oversea-Chinese Banking Corp 30 273 0,031 0,031 Lite-On Technology Corp 425 0,002 0,002 Pacific Century Regional Developments Ltd 386 0,009 0,009 Macronix International 3 112 0,040 0,040 Parkway Holdings Ltd 3 351 0,034 0,034 Masterlink Securities Corp 1 582 0,045 0,045 Peoples Food Holdings Ltd 1 212 0,021 0,021 MediaTek Inc 18 651 0,030 0,030 SembCorp Industries Ltd 5 388 0,020 0,020 Mega Financial Holding Co Ltd 13 930 0,027 0,027 SembCorp Marine Ltd 5 878 0,029 0,029 Micro-Star International Co Ltd 430 0,010 0,010 Singapore Airlines Ltd 10 653 0,012 0,012 Mitac International 64 0,001 0,001 Singapore Exchange Ltd 6 870 0,028 0,028 Nan Ya Plastics Corp 23 810 0,030 0,030 Singapore Land Ltd 2 129 0,015 0,015 Nan Ya Printed Circuit Board Corp 43 0,000 0,000 Singapore Post Ltd 1 641 0,019 0,019 Nanya Technology Corp 4 0,000 0,000 Singapore Press Holdings Ltd 11 481 0,042 0,042 Nien Hsing Textile Co Ltd 864 0,038 0,038 Singapore Telecommunications Ltd 34 556 0,016 0,016 Nien Made Enterprises 3 0,000 0,000 SMRT Corp Ltd 884 0,012 0,012 Novatek Microelectronics Corp Ltd 259 0,002 0,002 StarHub Ltd 8 288 0,042 0,019 Optimax Technology Corp 13 0,001 0,001 STATS ChipPAC Ltd 3 015 0,032 0,032 Oriental Union Chemical Corp 740 0,023 0,023 Total Access Communication PCL 825 0,006 0,006 Phoenixtec Power Co Ltd 892 0,028 0,028 United Industrial Corp Ltd 3 613 0,031 0,031 Polaris Securities Co Ltd 993 0,016 0,016 United Overseas Bank Ltd 37 317 0,031 0,031 POU Chen Corp 11 443 0,066 0,066 UOL Group Ltd 3 212 0,023 0,023 Powerchip Semiconductor Corp 1 686 0,006 0,006 Venture Corp Ltd 5 807 0,039 0,039 President Chain Store Corp 2 196 0,016 0,016 Want Want Holdings Ltd 1 735 0,013 0,013 President Securities Corp 1 408 0,037 0,037 Wheelock Properties S Ltd 1 507 0,014 0,014 ProMOS Technologies Inc 1 0,000 0,000 Wing Tai Holdings Ltd 2 378 0,036 0,036 Quanta Computer Inc 1 637 0,004 0,004 Realtek Semiconductor Corp 3 961 0,044 0,044 Taiwan Shin Kong Financial Holding Co Ltd 3 0,000 0,000 Accton Technology Corp 860 0,038 0,038 Silicon Integrated Systems Corp 143 0,003 0,003 Acer Inc 364 0,001 0,001 Siliconware Precision Industries Co 34 0,000 0,000 Advanced Semiconductor Engineering Inc 4 0,000 0,000 SinoPac Financial Holdings Co Ltd 5 735 0,024 0,024 Advantech Co Ltd 1 924 0,019 0,019 Sunplus Technology Co Ltd 56 0,001 0,001 Asia Cement Corp 2 771 0,018 0,018 Synnex Technology International Corp 1 610 0,020 0,020 Asia Optical Co Inc 8 0,000 0,000 Taishin Financial Holdings Co Ltd 138 0,001 0,001 Asustek Computer Inc 8 250 0,014 0,014 Taiwan Business Bank 1 669 0,022 0,022 AU Optronics Corp 8 228 0,013 0,013 Taiwan Cement Corp 1 652 0,010 0,010 Benq Corp 3 0,000 0,000 Taiwan Cooperative Bank 5 495 0,026 0,026 Capital Securities Corp 1 722 0,046 0,046 Taiwan Glass Industrial Corp 3 052 0,035 0,035 Catcher Technology Co Ltd 5 612 0,022 0,022 Taiwan Life Insurance Co Ltd 589 0,015 0,015 Cathay Financial Holding Co Ltd 6 956 0,005 0,005 Taiwan Mobile Co Ltd 7 701 0,024 0,024 Cathay Real Estate Development Co Ltd 2 343 0,032 0,032 Taiwan Secom Co Ltd 1 655 0,033 0,033 Chang Hwa Commercial Bank 6 825 0,033 0,033 Taiwan Semiconductor Manufacturing Co Ltd 43 022 0,013 0,013 Cheng Shin Rubber Industry Co Ltd 1 196 0,016 0,016 Tatung Co Ltd 1 532 0,013 0,013 Cheng Uei Precision Industry Co Ltd 45 0,001 0,001 Teco Electric and Machinery Co Ltd 4 225 0,069 0,069 Chi Mei Optoelectronics Corp 302 0,001 0,001 Ton Yi Industrial Corp 953 0,022 0,022 Chicony Electronics Co Ltd 1 494 0,036 0,036 Tong Yang Industry Co Ltd 751 0,039 0,039 China Airlines 82 0,001 0,001 Transcend Information Inc 873 0,016 0,016 China Bills Finance Corp 1 068 0,037 0,037 U-Ming Marine Transport Corp 878 0,012 0,012 China Development Financial Holding Corp 12 107 0,040 0,040 Unimicron Technology Corp 1 0,000 0,000 China Motor Corp 21 0,000 0,000 Union Bank Of Taiwan 713 0,022 0,022 China Steel Corp 3 458 0,005 0,005 United Microelectronics Corp 10 710 0,015 0,015 Chinatrust Financial Holding Co Ltd 91 0,000 0,000 Vanguard International Semiconductor Corp 807 0,011 0,011 Chunghwa Picture Tubes Ltd 1 0,000 0,000 Walsin Lihwa Corp 330 0,003 0,003 Chunghwa Telecom Co Ltd 18 405 0,016 0,016 Wan Hai Lines Ltd 0 0,000 0,000 Compal Electronics Inc 844 0,004 0,004 Waterland Financial Holdings 1 424 0,033 0,033 Compeq Manufacturing Co 1 640 0,046 0,046 Winbond Electronics Corp 104 0,001 0,001 Coretronic Corp 9 0,000 0,000 Wintek Corp 2 525 0,042 0,042 Cosmos Bank Taiwan 553 0,013 0,013 Wistron Corp 1 516 0,013 0,013 Delta Electronics Inc 6 873 0,017 0,017 Ya Hsin Industrial Co Ltd 404 0,007 0,007 D-Link Corp 1 215 0,022 0,022 Yageo Corp 2 361 0,034 0,034 E.Sun Financial Holding Co Ltd 4 712 0,033 0,033 Yieh Phui Enterprise 1 666 0,044 0,044 Elitegroup Computer Systems 676 0,015 0,015 Yuanta Core Pacific Securities Co 6 550 0,040 0,040 Eternal Chemical Co Ltd 1 711 0,025 0,025 Yuen Foong Yu Paper Manufacturing Co Ltd 1 241 0,029 0,029 Eva Airways Corp 646 0,007 0,007 Yulon Motor Co Ltd 2 210 0,020 0,020 Evergreen International Storage & Transport Corp 959 0,024 0,024 Zyxel Communications Corp 1 251 0,032 0,032 Evergreen Marine Corp Tawain Ltd 1 0,000 0,000 Far Eastern International Bank 229 0,004 0,004 Far Eastern Textile Co Ltd 12 026 0,051 0,051 Far EasTone Telecommunications Co Ltd 7 067 0,026 0,026 Faraday Technology Corp 1 158 0,024 0,024 Feng Hsin Iron & Steel Co 1 958 0,046 0,046 First Financial Holding Co Ltd 8 327 0,029 0,029 Formosa Chemicals & Fibre Corp 17 716 0,031 0,031 Formosa Petrochemical Corp 1 681 0,001 0,001 Formosa Plastics Corp 23 977 0,041 0,041 Formosa Taffeta Co Ltd 4 098 0,052 0,052 Foxconn Technology Co Ltd 601 0,001 0,001 Fu Sheng Industrial Co Ltd 6 283 0,137 0,137 Fubon Financial Holding Co Ltd 3 374 0,008 0,008 Fuhwa Financial Holdings Co Ltd 3 142 0,032 0,032 Giant Manufacturing Co Ltd 2 781 0,097 0,097 Gigabyte Technology Co Ltd 3 0,000 0,000 HannStar Display Corp 1 321 0,018 0,018 High Tech Computer Corp 1 676 0,003 0,003

44 Foreign exchange reserves Holding of equities at 31 December 2006

Africa Ownership stake (per cent) Voting (per cent) Ownership stake (per cent) Voting (per cent) Market value (NOK 1000) Market value (NOK 1000)

South Africa ABSA Group Ltd 12 019 0,016 0,016 Aeci Ltd 2 445 0,034 0,034 African Bank Investments Ltd 4 559 0,036 0,036 African Oxygen Ltd 1 681 0,018 0,018 African Rainbow Minerals Ltd 3 357 0,018 0,018 Alexander Forbes Ltd 2 013 0,031 0,031 Allan Gray Property Trust 1 868 0,035 0,035 Allied Technologies Ltd 1 036 0,018 0,018 Anglo Platinum Ltd 18 512 0,010 0,011 AngloGold Ashanti Ltd 25 726 0,032 0,021 ApexHi Properties Ltd 2 920 0,041 0,048 Aspen Pharmacare Holdings Ltd 3 697 0,033 0,033 Aveng Ltd 844 0,007 0,007 AVI Ltd 1 448 0,027 0,027 Barloworld Ltd 8 341 0,025 0,029 Bidvest Group Ltd 12 755 0,033 0,033 Caxton and CTP Publishers and Printers Ltd 713 0,010 0,010 Consol Ltd 2 166 0,041 0,041 Discovery Holdings Ltd 1 169 0,008 0,008 DRDGOLD Ltd 808 0,043 0,043 Edgars Consolidated Stores Ltd 6 273 0,032 0,032 Ellerine Holdings Ltd 2 873 0,034 0,034 Exxaro Resources Ltd 1 148 0,007 0,007 FirstRand Ltd 27 076 0,025 0,025 Foschini Ltd 3 808 0,031 0,031 Gold Fields Ltd 19 317 0,030 0,030 Gold Reef Resorts Ltd 847 0,021 0,021 Grindrod Ltd 1 378 0,021 0,021 Growthpoint Properties Ltd 1 445 0,014 0,014 Harmony Gold Mining Co Ltd 10 721 0,027 0,027 Highveld Steel and Vanadium Corp Ltd 832 0,012 0,012 Hyprop Investments Ltd 1 182 0,024 0,000 Illovo Sugar Ltd 1 218 0,020 0,020 Impala Platinum Holdings Ltd 25 613 0,028 0,028 Imperial Holdings Ltd 11 720 0,035 0,039 Investec Ltd 5 278 0,030 0,025 JD Group Ltd 4 148 0,033 0,033 Johnnic Communications Ltd 2 521 0,032 0,032 Kumba Iron Ore Ltd 2 972 0,010 0,000 Lewis Group Ltd 953 0,018 0,018 Liberty Group Ltd 2 977 0,015 0,015 Liberty Holdings Ltd 1 655 0,018 0,018 Massmart Holdings Ltd 4 035 0,032 0,032 Medi-Clinic Corp Ltd 1 084 0,012 0,012 Metropolitan Holdings Ltd 2 650 0,034 0,034 Mittal Steel South Africa Ltd 6 615 0,017 0,017 Mr Price Group Ltd 1 666 0,017 0,032 MTN Group Ltd 54 638 0,039 0,039 Murray & Roberts Holdings Ltd 614 0,005 0,005 Mvelaphanda Group Ltd 760 0,019 0,019 Mvelaphanda Resources Ltd 1 328 0,023 0,023 Nampak Ltd 4 115 0,033 0,033 Naspers Ltd 15 345 0,033 0,033 Nedbank Group Ltd 8 606 0,016 0,016 Network Healthcare Holdings Ltd 7 187 0,032 0,032 New Clicks Holdings Ltd 859 0,025 0,025 Northam Platinum Ltd 2 420 0,023 0,023 Pickn Pay Holdings Ltd 932 0,014 0,014 Pickn Pay Stores Ltd 2 369 0,017 0,017 Pretoria Portland Cement Co Ltd 592 0,003 0,003 Primedia Ltd 1 002 0,024 0,000 Remgro Ltd 25 896 0,034 0,037 Reunert Ltd 3 404 0,024 0,024 RMB Holdings Ltd 8 212 0,023 0,023 Sanlam Ltd 11 364 0,028 0,028 Santam Ltd 1 619 0,018 0,018 Sappi Ltd 7 776 0,031 0,031 Sasol Ltd 51 471 0,036 0,036 Shoprite Holdings Ltd 5 401 0,044 0,044 Spar Group Ltd/The 2 190 0,034 0,034 Standard Bank Group Ltd 35 548 0,031 0,031 Steinhoff International Holdings Ltd 6 406 0,025 0,025 Sun International Ltd 3 804 0,031 0,031 Super Group Ltd 1 373 0,033 0,033 Telkom SA Ltd 10 811 0,016 0,016 Tiger Brands Ltd 8 196 0,032 0,032 Tongaat-Hulett Group Ltd/The 1 486 0,014 0,014 Trencor Ltd 902 0,021 0,021 Truworths International Ltd 4 345 0,032 0,032 Unitrans Ltd 848 0,023 0,023 Western Areas Ltd 1 374 0,021 0,021 Woolworths Holdings Ltd 4 647 0,033 0,033

N o rg es Ba n k In v est men t M a na g emen t A n n u a l R e por t 2006 45 Foreign exchange reserves Fixed income securities at 31 December 2006

Europe value in NOK 1000 value in NOK 1000 value in NOK 1000

Austria Deutsche Lufthansa AG 8 432 Rodamco Europe Finance BV 8 224 Bank Fuer Arbeit und Wirtschaft AG 473 917 Deutsche Post AG 84 636 Royal Dutch/Shell Group of Companies 7 949 Bundesimmobiliengesellshaft mbH 16 851 Deutsche Telekom AG 145 881 Royal KPN NV 57 117 Hypo Alpe-Adria-Bank International AG 99 248 Dresdner (City Of Moscow) 24 754 SovRisc BV 317 213 Raiffeisen Zentralbank Oesterreich AG 8 346 Dresdner Bank AG 48 510 TPG NV 16 723 Republic of Austria 194 126 Duesseldorfer Hypothekenbank 81 027 Unilever NV 13 313 Telekom Austria AG 17 052 Energie Baden-Wuerttemberg AG 34 684 Wienerberger AG 40 606 Eurohypo AG 2 893 462 Poland EWE AG 62 349 Republic of Poland 389 523 Belgium Gemeinsame Deutsche Bundeslaender 589 541 Telekomunikacja Polska SA 50 595 Belgiuan government (389 102) Hannover Rueckversicherung AG 68 691 HSH Nordbank AG 346 746 Portugal Bulgaria Hypo Real Estate Bank AG 1 029 025 Banco Comercial Portugues SA 48 453 Republic of Bulgaria 15 725 Hypothekenbank in Essen AG 1 958 894 Banco Espirito Santo, SA 103 147 Investitionsbank Berlin 211 700 Energias de Portugal SA 27 928 Croatia Kreditanstalt fuer Wiederaufbau 2 611 874 Portugal Telecom SGPS SA 16 942 Republic of Croatia 131 828 Land Niedersachsen 416 910 Republic of Portugal 3 012 879 Zagrebacka Bank 58 314 Land of North-Rhine Westphalia 573 565 Land Sachsen-Anhalt 125 367 Russia Denmark Landesbank Baden-Wuerttemberg 84 873 OAO Gazprom 122 342 BRFkredit AS 153 873 Landesbank Berlin 472 334 Russian Federation 1 356 996 Danske Bank A/S 76 535 Landesbank Hessen-Thueringen Girozentrale 268 307 Vneshtorgbank 75 485 Dong A/S 99 304 Landeskreditbank Baden-Wuerttemberg Kingdom of Denmark 962 752 Foerderbank 30 253 Slovenia Nykredit Realkredit A/S 72 863 Landwirtschaftliche Rentenbank 1 213 454 Republic of Slovenia 68 137 Realkredit Danmark A/S 436 483 Lanxess AG 40 551 Linde AG 22 404 Spain Finland Metro Finance BV 17 336 Abertis Infraestructuras SA 8 075 Finnish government 114 436 Muenchener Rueckversicherungs AG 94 891 Autonomous Community of Valencia 209 934 Fortum Oyj 22 028 Muenchner Hypothekenbank 118 498 AyT Cedulas Cajas FTA 3 145 709 Municipality Finance PLC 33 397 Norddeutsche Landesbank 25 825 Banco Bilbao Vizcaya Argentaria SA 1 184 203 Sampo Oyj 41 003 NRW Bank 1 965 341 Banco de Credito Local de Espana SA 971 402 Stora Enso Oyj 84 348 Republic of Germany 20 503 793 Banco de Sabadell SA 24 868 UPM-Kymmene Corp 27 026 SEB Hypothekenbank AG 204 682 Banco Popular Espanol SA 1 406 959 Siemens AG 29 105 Banco Santander Central Hispano, SA 3 328 100 France Suedzucker AG 27 302 Caja de Ahorros de Valancia Castellon y Alicante 80 285 Arcelor 59 538 Caja de Ahorros y Pensiones de Barcelona 1 179 067 AXA SA 98 367 Greece Cedulas TDA 804 942 BNP Paribas 221 512 Coca Cola Hellenic Bottling Co SA 29 217 Iberdrola SA 50 623 Bouygues SA 52 107 EFG Eurobank Ergasias SA 39 039 Insitut Credito Oficial 366 431 Caisse Centrale des Assurances Mutuelles Greek Government Bond 4 457 684 Kingdom of Spain 480 850 Agricoles 118 436 National Bank of Greece SA 42 893 Repsol YPF SA 50 294 Caisse d’Amortissement de la Dette Sociale 4 503 124 OTE PLC 24 717 Telefonica Europe BV 95 018 Caisse Nationale des Autoroutes 34 786 Caisse Nationale des Caisses d’Epargne et de Hungary Sweden Prevoyance 219 039 Mol Magyar Olaj- es Gazipari Rt 22 462 Akademiska Hus AB 71 780 Caisse Refinancement de l’Habitat 323 770 Republic of Hungary 272 529 Investor AB 38 068 Carrefour SA 42 179 Kingdom of Sweden 645 099 Casino Guichard Perrachon SA 95 452 Ireland Kommuninvest i Sverige Aktiebolag 46 760 Cie de Saint-Gobain 16 684 Allied Irish Banks PLC 149 672 Nordea Bank AB 990 217 CIF Euromortgage 740 408 Anglo Irish Bank Corp PLC 24 889 Skandinaviska Enskilda Banken AB 123 387 CNP Assurances 40 258 Bank of Ireland 311 817 Specialfastigheter Sverige AB 45 408 Cofinoga SA 8 420 Pure Mortgages 814 Spintab AB 69 112 Credit Agricole SA 128 772 Svenska Handelsbanken 697 335 Credit Foncier de France 1 120 920 Italy Swedish National Housing Finance 866 614 Credit Logement SA 58 694 Assicurazioni Generali - Societa Per Azioni 26 829 Vattenfall Treasury AB 105 897 Dexia Municipal Agency 465 389 Autostrade SpA 25 839 Volvo AB 26 597 France Telecom 92 078 Banca Intesa SpA 62 622 Gaz de France 9 078 Banca Lombarda SpA 20 305 Switzerland Gecina SA 8 491 Banca Monte dei Paschi di Siena SpA 76 373 ABB International Finance Ltd 476 368 Lafarge SA 42 190 Cas Depositi e Prestiti SpA 866 694 Adecco SA 41 899 LVMH Moet Hennessy Louis Vuitton 25 418 Enel SpA 59 098 Glencore International AG 16 853 Peugeot SA 25 718 ENI SPA 45 289 Holcim Ltd 49 209 Pinault Printemps Redoute 40 856 Fiat Finance & Trade Ltd 38 540 Roche Holding AG 12 190 Republic of France (5 265 952) Region of Lombardy 19 365 Swiss Life Holding 40 458 Reseau Ferre de France 454 887 Republic of Italy 11 515 123 Swiss Reinsurance Co 53 783 SNCF 402 248 Sanpaolo IMI SpA 93 422 Swiss Confederation 700 938 Societe Generale 95 239 Telecom Italia SpA 159 457 UBS AG 67 335 Societe Television Francaise 1 16 487 UniCredito Italiano SpA 7 902 Vauban Mobilisation Garantie 622 846 Meinl European Land Ltd 25 025 Turkey Veolia Environnement 55 698 Republic of Turkey 352 182 Vinci SA 56 810 Latvia Vivendi Universal SA 178 562 Parex Bank 25 283 Ukraine Wendel Investissement 16 762 Ukrainean government 149 810 Luxembourg Germany RS Finance (RSB) 114 992 UK Allgemeine Hypothekenbank Rheinboden AG 85 744 3i Group PLC 19 295 Allianz AG 133 589 Netherlands Abbey National PLC 8 331 BankGesellschaft Berlin AG 163 714 ABN Amro Bank NV 371 998 Amlin Plc 60 038 Bayer AG 109 593 Akzo Nobel NV 16 772 Anglian Water PLC 18 629 Bayerische Hypo-und Vereinsbank AG 111 458 Bank Nederlandse Gemeenten NV 1 576 870 Anglo American PLC 28 598 Bayerische Landesbank 544 035 DSM NV 25 230 Annington Finance 7 657 Berlin Land 416 318 E. ON AG 101 491 Artesian Finance PLC 5 842 Commerzbank AG 109 355 Eureko BV 25 220 Aviva PLC 90 345 DaimlerChrysler 269 154 Fortis Finance NV 182 720 Barclays Bank PLC 81 896 Degussa AG 16 190 Government of Netherland (1 809 279) Boots Group PLC 37 459 Deka Bank Deutsche Girozentrale 167 926 ING Bank NV 143 385 BP PLC 24 255 Depfa Bank AG 2 380 057 Ing Group NV 18 533 Bradford & Bingley PLC 541 750 Deutsche Bahn BV 80 392 NXP BV 4 305 British American Tobacco PLC 24 006 Deutsche Bank AG 153 262 Rabobank Nederland 133 766 British Broadcasting Corp 18 640

46 Foreign exchange reserves Fixed income securities at 31 December 2006

Europe Americas value in NOK 1000 value in NOK 1000 value in NOK 1000

British Land Co PLC 31 071 Argentina American Airlines 17 195 British Sky Broadcasting 9 839 Republic of Argentine 652 250 American Electric Power Co Inc 21 773 British Telecommunications PLC 25 637 American Express Co 180 189 BAA PLC 42 055 Bermuda American Express Credit Account Master Trust 954 Cadbury Schweppes PLC 20 663 Weatherford International Ltd 2 317 American Home Mortgage Assets 12 732 Canary Wharf Finance PLC 23 421 American Home Mortgage Investment Trust 49 983 Centrica PLC 49 255 Brazil American International Group Inc 229 069 Clerical Medical Finance PLC 18 654 Brazil Development Fund 7 253 Ameriprise Financial Inc 3 444 Compass Group PLC 43 370 Cia Brasileira de Bebidas 5 930 Ameriquest Mortgage Securities Inc 3 184 Corp of Lloyds 17 220 Companhia Vale do Rio Doce 8 977 Amgen Inc 33 383 Derby Healthcare PLC 6 743 Federative Republic of Brazil 748 562 Amortizing Residential Collateral Trust 5 646 Diageo PLC 24 556 Petroleo Brasileiro SA 6 461 Amresco Commercial Mortgage Funding 626 Enterprise Inns PLC 9 565 Anadarko Petroleum Corp 3 207 F&C Asset Management PLC 12 173 Canada Anheuser-Busch Cos Inc 30 035 Friends Provident PLC 62 150 Alberta Energy Co Ltd 5 894 Archer-Daniels-Midland Co 17 628 Gallaher Group PLC 42 423 Alcan Inc 30 165 Argent Securities Inc 1 884 Glaxo Smithkline 40 241 Bank of Montreal 16 745 Ashtead Capital Inc 3 437 Great Universal Stores PLC 50 444 Brascan Corp 27 037 Asset Backed Funding Certificates 30 709 Hammerson PLC 16 784 Canadian Natural Resources Ltd 27 911 Asset Backed Funding Corp 456 Harbour Funding PLC 6 550 Canadian Pacific Railway 19 970 Asset Backed Securities Corp Home Equity HBOS PLC 1 979 337 Canadian Wheat Board 11 130 Loan Trust 8 130 HSBC Holdings PLC 409 251 Celestica Inc (23 655) Asset Securitization Corp 4 643 Imperial Tobacco Group PLC 21 153 CIBC Capital Funding LP 16 303 Assurant Inc 8 604 Kingfisher PLC 26 209 Domtar Inc 24 613 AT&T Corp 59 890 Land Securities PLC 49 371 Export Development Corp 56 116 Atmos Energy Corp 3 087 Legal & General Group PLC 46 126 Falconbridge Ltd 6 764 Autozone Inc 6 005 Lloyds TSB Bank PLC 60 332 Government of Canada 3 564 053 Banc of America Commercial Mortgage Inc 467 555 Marks & Spencer PLC 12 539 Greater Toronto Airport Authority 44 417 Banc of America Large Loan 14 452 Meadowhall Finance PLC 6 186 Hydro Quebec 149 388 Bank of America Alternative Loan Trust 31 758 National Air Traffic 28 641 Inco Ltd 6 769 Bank of America Corporation 128 273 National Grid Transco PLC 61 844 Metro Inc 16 648 Bank of America Funding Corp 27 229 Nationwide Building Society 16 452 Nortel Networks Ltd-Global (10 549) Bank of America Mortgage Securities 70 853 Network Rail LTD 2 533 585 Ontario Electricity Financial Corporation 67 626 Bank One Issuance Trust 379 Northern Rock PLC 306 254 Petro-Canada 16 206 Bay View Auto Trust 898 Octagon Healthcare Funding PLC 5 027 Province of Ontario 1 076 745 Bayview Commercial Asset Trust 9 049 Old Mutual PLC 30 278 Province of Quebec 258 721 Bayview Financial Acquisition Trust 904 Pernod-Ricard SA 68 613 Rogers Communications Inc 32 695 Bayview Financial Asset Trust 1 298 Prudential PLC 30 469 Royal Bank of Canada 52 669 BB&T Corp 23 679 Punch Taverns 5 837 Shaw Communications Inc 55 294 Bcp Crystal Hldgs Corp 15 540 Resolution PLC 25 151 Sun Life Financial Inc 27 357 Bear Stearns Adjustable Rate Mortgage Trust 72 134 REXAM PLC 26 297 Toronto-Dominion Bank 38 363 Bear Stearns ALT-A Trust 114 395 Rio Tinto PLC 17 027 TransCanada Pipelines Ltd 23 606 Bear Stearns Asset Backed Securities Inc 103 511 Royal & Sun Alliance Insurance Group 13 845 Xstrata Finance Canada Ltd 34 742 Bear Stearns Commercial Mortgage Securities Inc 730 014 Royal Bank of Scotland Group PLC 194 583 Bear Stearns Cos Inc 78 289 Scottish Power PLC 18 728 Cayman Islands Bear Stearns Mortgage Funding Trust 9 167 Scottish Widows PLC 23 221 Dwr Cymru Financing Ltd 7 204 Bear Stearns Small Balance Commercial Trust 420 Severn Trent 77 459 N_Star Real Estate Cdo Ltd 4 448 BellSouth Corp 66 263 Southern Water Services Finance PLC 21 977 Berkshire Hathaway Inc 75 528 Standard Chartered PLC 113 319 Chile Bombardier Capital Mortgage Securitizatio 1 636 Standard Life Assurance Co 62 641 Republic of Chile 76 570 Bosphorus Financial Serv 1 465 Tate & Lyle PLC 44 005 Boston Properties Inc 9 938 Telereal Securitisation PLC 23 222 Colombia Bowater Inc (5 700) Tesco PLC 24 548 Republic of Colombia 326 677 Bristol-Myers Squibb Co 12 389 Teva Pharmaceutical Industies Ltd 15 880 Broadhollow Funding, LLC 5 838 UK government (935 701) Dominican Republic Capital Auto Receivables Asset 8 520 United Utilites PLC 73 420 Dominican Republic 8 037 Capital One Bank 71 869 Vodafone Group PLC 100 162 Cardinal Health Inc 12 429 Yorkshire Building Society 205 552 Ecuador Cargill Inc 48 728 Republic of Ecuador 43 768 Carnival Corp 13 303 Carrington Mortgage Loan Trust 12 059 El Salvador Caterpillar Inc 40 835 Republic of El Salvador 18 227 Charter Comm Hldgs II 49 029 Chase Commercial Mortgage Securities Corp 183 101 Mexico Chase Credit Card Master Trust 759 America Movil SA de CV 30 857 Chase Funding Mortgage Loan Asset-Backed 2 176 Capital SPV Ltd 12 415 Chase Funding Net Interest Margin 48 Petroleos Mexicanos 570 477 Chase Mortgage Finance Corporation 70 599 United Mexican States 593 844 Chemtura Corp 2 954 Chesapeake Energy Corp 26 516 Panama ChevronTexaco Corp 10 030 Republic of Panama 277 654 Cisco Systems Inc 21 629 CIT Group Inc 38 124 Peru Citibank Credit Card Issuance 25 068 Republic of Peru 100 999 Citicorp Mortgage Securities 40 087 Citigroup Commercial Mortgage Trust 8 485 United states of america Citigroup Inc 816 683 Abbott Laboratories 6 100 Citigroup Mortgage Loan Trust, Inc 19 552 ABN Amro Mortgage Corp 45 335 Citigroup/Deutsche Bank Commercial ABSC NIMS TRUST 26 Mortgage Trust 144 734 ACE Ltd 17 718 Citizens Communications 20 884 ACE Securities Corp 13 693 Clear Channel Communications Inc 29 203 Adjustable Rate Mortgage Trust 1 845 CNF Inc 7 568 Advanta Business Card Master Trust 329 Comcast Corp 177 242 Aegis Asset Backed Securities Trust 61 Comercia Bank 31 198 Allegheny Energy Inc 27 762 Commercial Mortgage Pass-Through 353 623 Allied Waste Industries Inc 23 063 Commercial Mortgage Acceptance Corp 99 896 Allstate Corp 40 855 Commercial Mortgage Lease-Backed Cert 1 950 Altria Group Inc 35 253 ConAgra Foods Inc 2 253 Amerada Hess Corp 7 390 ConocoPhillips 83 099 Ameren Corp 17 053 Conseco Finance Securitization 39 349

N o rg es Ba n k In v est men t M a na g emen t A n n u a l R e por t 2006 47 Foreign exchange reserves Fixed income securities at 31 December 2006

Americas value in NOK 1000 value in NOK 1000 value in NOK 1000

Consolidated Ed of NY 27 548 GSAA Home Equity Trust 6 025 Morgan Stanley 141 492 Constellation Energy Group Inc 28 832 Guggenheim Structured Real Estate Funding Ltd 1 120 Morgan Stanley Abs Capital I 26 438 Continental Airlines Inc 13 510 Harborview Mortgage Loan Trust 9 999 Morgan Stanley Capital I 597 923 Corning Inc 12 906 Harrah’s Operating Company Inc 16 105 Morgan Stanley Mortgage Loan Trust 2 405 Corrections Corp of America 1 572 Hasco NIM Trust 6 903 Mortgage Capital Funding Inc 16 190 Countrywide Alternative Loan Trust 140 031 HCA Inc 674 Motorola Inc 7 776 Countrywide Financial Corp 42 189 Health Care Property Investors Inc 9 552 National City Corp 9 326 Countrywide Home Loans 414 374 Healthcare Realty Trust Inc 17 960 National Rural Utilities Cooperative Finance Corp 39 083 Coventry Health Care Inc 4 734 Hewlett-Packard Company 25 482 Nationslink Funding Corporation 30 162 COX Enterprises Inc 55 236 High Income Trust Securities 1 036 Nationwide Mutual Insurance Co 15 087 Credit Suisse First Boston Mortgage Holmes Financing PLC 265 Navigator CDO Ltd 778 Securities Corp 103 722 Home Depot Inc 74 130 Navistar Financial Corp Owner Trust 344 Credit Suisse Mortgage Capital Certificates 430 195 Home Equity Asset Trust 20 722 New Century Home Equity Loan Trust 22 125 Credit Suisse USA Inc 143 179 Home Equity Mortgage Trust 20 892 New York Life Insurance Co 19 233 Credit-Based Asset Servicing and Securitization 28 669 Honda Auto Receivables Owner T 8 698 Newcastle CDO Limited 388 Cresi Finance LP 6 197 Host Marriott LP 8 017 News Corp 32 535 CRH America Inc 5 094 Household Home Equity Loan Trust 7 126 Nisource Finance Corp 10 927 Crown Castle International Corp 1 092 HSI Asset Securitization Corporation Trust 4 486 Nomura Asset Acceptance Corp 58 174 Crown Holdings Inc 24 277 Hyundai Auto Receivables Trust 308 Nomura Asset Securities Corp 39 855 Crusade Global Trust 10 113 IBM Corp 5 118 Nomura Home Equity Loan Inc 21 937 CSAB Mortgage Backed Trust 8 192 Ikon Office Solutions Inc 5 361 Norfolk Southern Corp 20 652 CSX Corp 5 675 Impac Secured Assets Corp 124 983 Novastar Home Equity Loan 1 864 Daimler Chrysler Auto Trust 12 492 Indymac Indx Mortgage Loan Trust 67 841 NRG Energy Inc 27 334 Danaher Corp 8 344 Indymac Loan Trust 12 252 Oakwood Mortgage Investors Inc 23 447 DB Master Finance LLC 6 640 Indymac Manufactured Housing Contract 4 375 Occidental Petroleum Corp 20 437 Dean Foods Co 18 975 International Paper Company 24 593 Omnicom Group Inc 5 652 Deere & Co 55 866 iStar Financial Inc 47 665 Oneok Inc 5 759 Del Monte Corp 34 776 J.C.Penney Master Credit Card 33 986 Option One Mortgage Loan Trust 6 930 Delhaize America Inc 23 882 JP Morgan Chase & Co 322 140 Oracle Corp 12 586 Deluxe Corp 5 415 JP Morgan Chase Commercial Mortgage Origen Manufactured Housing 594 Devon Energy Corp 18 719 Securities Corp 455 158 Owens-Illinois Inc (42 522) Diamond Offshore Drilling Inc 5 996 JP Morgan Commercial Mortgage Finance Corp 741 OWNIT Mortgage Loan Asset-Backed Certific 29 385 DLJ Commercial Mortgage Corp 1 699 John Hancock Financial Services Inc 12 443 Pacific Gas & Electric Co 25 527 Dominion Resources Inc 65 717 Joy Global Inc 2 653 Park Place Securities Inc 23 691 Donnelley (R.R.) & Sons Co 11 635 JP Morgan Morgage Trust 350 963 Permanent Financing PLC 50 777 DPL Inc 18 573 Kellogg Co 19 865 PHHMC Mortgage Pass Through Certificates 1 892 DR Horton Inc 18 130 Kinder Morgan Energy Partners LP 40 535 Pillar Funding PLC 1 247 DTE Energy Co 19 829 Kinder Morgan Inc 37 685 Plains All Amer Pipeline 9 687 Duke Energy Corp 46 207 Kraft Foods Inc 18 707 PNC Financial Services Group Inc 49 004 DVI Receivables Corp 6 040 Kroger Co 28 070 Pogo Producing Co (37 832) E.I. du Pont de Nemours & Co 13 167 Lamar Media Corp (6 328) Polyone Corp 14 181 Ecolab Inc 25 848 LB-UBS Commercial Mortgage Tru 108 313 Popular ABS Mortgage Pass-Through Trust 11 857 Edison International 49 888 Leap Wireless International Inc 11 688 Popular Na Inc 11 612 Eli Lilly & Co 12 204 Lehman ABS Manufactured Housing Contract 10 180 PPL Corp 21 016 Enterprise Products Partners LP 27 193 Lehman Brothers Floating Rate Commercial Principal Life Insurance Co 30 878 EOP Operating LP 26 907 Mtg Trst 407 ProLogis 4 962 ERP Operating LP 37 224 Lehman Brothers Holdings Inc 229 717 Protective Life Corp 18 776 Exelon Corp 59 680 Lehman Mortgage Trust 32 720 Providian Gateway Master Trust 1 020 Federal Express Corp 18 174 Level 3 Communications Inc 28 027 Prudential Financial Inc 50 373 Federal Home Loan Banks 638 741 Liberty Mutual Insurance 16 293 Public Service Enterprise Group Inc 19 321 Federal Home Loan Mortgage Corp 4 364 131 Lin Television Corp (44 867) Range Resources Corp 7 247 Federal National Mortgage Association 3 451 043 Lincoln National Corp 3 327 Realogy Corp 4 773 Federated Department Stores 43 879 Liz Claiborne Inc 16 895 Reed Elsevier PLC 91 820 Fieldstone Mortgage Investment Corp 18 930 LNR CDO Ltd 891 Regions Financial Corp 18 330 Fifth Third Bancorp 12 372 Loews Corp 5 669 Republic of Serbia 11 595 Finance America NIM Trust 1 Long Beach Mortgage Loan Trust 3 214 Residental Asset Securities NIM Corp 51 Financing Corp Fico 25 208 Lubrizol Corp 6 176 Residential Accredit Loans Inc 34 088 First Data Corp 60 194 Mach One Trust 1 966 Residential Asset Mortgage Products 54 732 First Franklin MTG Loan Asset Backed Certificates 46 418 Mack-Cali Realty Corp 6 894 Residential Asset Securities Corp 18 641 First Horizon Alterative Mortgage Securities 53 574 Madison Avenue Manufactured Housing Contr 7 576 Residential Asset Securitization Trust 110 First Horizon Asset Securities INC 22 728 Manor Care Inc 12 592 Residential Funding Mortgage Securities 110 259 FirstEnergy Corp 34 680 Marriott International, Inc 13 701 Resix Finance Limited 12 229 Ford Credit Auto Owner Trust 428 Marriott Vacation Club Owner Trust 136 RH Donnelley Corp 16 959 Ford Motor Co 1 300 Marsh & McLennan Companies Inc 4 735 RJ Reynolds Tobacco Holdings Inc 45 276 Fortune Brands Inc 5 822 Marshall & Ilsley Corp 21 735 Royal Caribbean Cruises Ltd 2 988 FPL Group Inc 14 465 Massmutual Global Funding 12 109 Ryder System Inc 18 631 Freescale Semiconductor Inc 32 495 Mastr ABS NIM Trust 6 Raac Series 21 365 Fremont Home Loan Trust 3 643 Mastr Adjustable Rate Mortgage Trust 100 727 SACO I INC 819 Fremont NIM Trust 3 MASTR Alternative Loans Trust 12 506 SAFECO Corp 12 554 Ge Capital Commercial Mortgage 44 991 MASTR Asset Backed Securities Trust 64 533 Safeway Inc 51 772 GE Corporate Aircraft Financing LLC 846 MASTR Asset Securitization Trust 49 705 Sail Net Interest Margin Notes 58 GE Dealer Floorplan Masrwe Note Trust 3 711 Mastr Reperforming Loan Trust 1 395 Salomon Brothers Mortgage Securities 69 186 General Electric Co 555 545 MBNA Credit Card Master Note Trust 760 Sara Lee Corp 51 081 General Motors Corp 86 045 MeadWestvaco Corp 13 244 Sasco Net Interest Margin Trust 35 Genworth Financial Inc 17 394 Mellon Financial Co 25 179 Saxon Asset Securities Trust 8 078 GMAC Commercial Mortgage Securities Inc 54 357 Merit Securities Corporation 5 811 Sb Finance Nim Trust 2 944 GMAC Mortgage Corporation Loan Trust 80 107 Merrill Lynch & Co Inc 112 635 SBC Communications Inc 64 992 Goldman Sachs Group Inc 296 645 Merrill Lynch Floating Trust 152 Seagate Technology (12 753) Government National Mortgage 391 594 Merrill Lynch Mortgage Investors 131 325 Sears Roebuck and Co 124 069 Granite Mortgages PLC 7 358 Merrill Lynch Mortgage Trust 22 305 Sequoia Mortgage Trust 9 275 Grant Prideco Inc 32 628 Merrill Lynch/Countrywide Commercial 6 736 Service Corp International /US 14 892 Graphic Packaging Intl (29 899) Metlife Inc 105 733 Sharps SP I LLC Net Interest Margin Trust 29 Green Tree Financial Corp 59 686 Mezz Cap Comercial Mortgage Trust 20 685 Sierra Pacific Resources 18 968 Greenpoint Manufactured Housing 4 771 MGM Mirage Inc 38 826 Simon Property Group LP 44 766 Greenpoint Mortgage Funding Trust 103 Mid-State Trust 2 900 SLC Student Loan Trust 12 472 Greenwich Capital Commercial Funding 156 008 Miller Brewing Co 18 630 SLM Corp 190 175 GS Mortgage Securities Corp 93 277 Mirant Americas Generation LLC 9 480 SLM Student Loan Trust 22 660 GS Mortgage Securities Corp 29 659 Mohawk Industries Inc 9 552 Small Bus Admin 34 964 GSMPS Mortgage Loan Trust 12 429 Molson Coors Brewing Co 16 045 Soundview Home Equity Loan Trust 24 103 GSR Mortgage Loan Trust 56 576 Monumental Global Funding Ltd 17 515 Southern Co 24 345

48 Foreign exchange reserves Fixed income securities at 31 December 2006

Americas Asia/Pacific Africa value in NOK 1000 value in NOK 1000 value in NOK 1000

Specialty Underwriting & Residential Finance 42 010 Australia Egypt Sprint Spectrum LP/Fin 13 920 Australian government 159 711 Arab Republic of Egypt 14 583 St Paul Travelers Cos 8 994 BHP Billiton Ltd 33 241 Staples Inc 3 448 Foster’s Group Ltd 15 034 South Africa Starwood Hotels & Resorts Worldwide, Inc 16 609 National Australia Bank Ltd 90 138 Eskom Holdings Limited 9 821 STRIPS 405 Puma Finance Limited 7 665 Imperial Holdings Ltd 33 002 Structured Adjustable Rate Mortgage Loan Trust 30 605 QBE Insurance Group Ltd 63 548 Republic of South Africa 302 523 Structured Asset Investment Loan Trust 17 468 Telstra Corp Ltd 42 340 Structured Assets Receivables Trust 2 101 Westfield Group 106 108 Structures Asset Securities Corporation 79 536 Suncom Wireless Hldg Inc (40 539) China, Peoples´ republic of Sunoco Inc 12 247 Cnooc Ltd 7 249 Suntrust Banks, Inc 43 605 Export-Import Bank Of China 18 856 Synovus Financial Corp 6 139 People’s Republic of China 52 271 Interntional organisations Target Corp 6 738 TECO Energy Inc (13 301) Fiji Islands African Development Bank 73 061 Temple-Inland Inc 26 263 Republic of Fiji 58 249 Asian Development Bank 287 771 Tennessee Valley Authority 20 609 Eurofima 88 057 Terex Corp 14 206 Hong Kong European Investment Bank 8 408 216 Terwin Mortgage Trust 71 054 Bangkok Bank Pub Co (HK) 16 014 The DIRECTV Group Inc 23 949 Hutchison Whampoa Limited 88 836 Thornburg Mortgage 903 Kowloon Canton Railway Corp 20 134 Thornburg Mortgage Securities Trust 8 788 MTR Corporation Limited 20 0884 Time Warner Inc 106 707 TIAA Global Markets 57 984 indonesia Triad Hospitals Inc 19 173 Republic of Indonesia 44 798 TXU Corp 4 108 Tyco International Ltd 30 557 Iraq U.S. Bancorp 33 681 Republic Of Iraq 14 690 Union Pacific Corp 12 270 United Parcel Service Inc 26 800 Israel United Rentals Inc (15 778) Israel AID 86 797 UnitedHealth Group Inc 39 290 Israel Electric Corp 13 298 Univision Communications Inc 10 797 US Treasury 7 845 985 Japan Valero Energy Corp 15 258 Bank of Tokyo-Mitsubishi Ltd 23 858 Vanderbilt Mortgage Finance 4 299 Fukoku Mutual Life Insurance Co 39 583 Verizon Communications Inc 105 976 Honda Motor Co Ltd 18 293 Viacom Inc 6 472 Japan Bank for International Cooperation 167 993 Vornado Realty 7 797 Japan Finance Corporation for Municipal Wachovia Bank Commercial Mortgage Trust 111 005 Enterprises 253 137 Wachovia Corp 107 786 Japanese government 5 615 270 Washington Mutual 82 773 Mizuho Bank Ltd 115 856 Washington Mutual Asset Securities Corp 795 Norinchukin Bank 77 845 Washington Mutual Inc 80 700 Resona Bank Ltd 248 839 WellPoint Inc 49 495 Shinsei Bank Ltd 12 049 Wells Fargo & Co 145 593 Sumitomo Mitsui Banking Corp 113 726 Wells Fargo Home Equity Trust 19 846 Wells Fargo Mortgage Backed Securities Trust 266 216 Kazakhstan Weyerhaeuser Co 33 237 Astana-finance 57 167 WFS Financial Owner Trust 646 White Mountains Insurance Group Ltd 18 737 Korea, Republic of Whole Auto Loan Trust 17 311 Export-Import Bank Of Korea 31 496 Williams Partners LP/Wil 4 780 Hyundai Motor Co 31 323 Wyeth 33 695 Industrial Bank Of Korea 18 083 Wynn Las Vegas LLC/Corp (38 886) Korea Development Bank 41 965 Xerox Equipment Lease Owner Trust 33 401 KT Corp 12 693 XL Capital Ltd 18 611 LG-Caltex Oil Corp 13 116 XTO Energy Inc 12 096 Republic of Korea (10 623) Yum! Brands Inc 8 077 Zions Bancorporation 12 887 Lebanon Zurich Finance (USA) Inc 64 045 Republic of Lebanon 30 071 Aames Mortgage Investment Trust 18 758 Malaysia Uruguay Malaysian government 4 199 Republic of Uruguay 87 980 Petroliam Nasional Berhad 125 332 Tenaga Nasional Berhad 20 664 Venezuela Bolivarian Republic of Venezuela 115 682 Philippines Republic of the Philippines 418 498

Saudi-Arabia Saudi Basic Industries Corp 16 148

Singapore Development Bank of Singapore 20 077 Republic of Singapore 29 994 United Overseas Bank Ltd 12 493

United Arab Emirates Abu Dhabi Commercial Bank 60 733

Vietnam Socialist Republic of Vietnam 13 841